NZ sharemarket up 0.4% to end the week
The S&P/NZX 50 Index began climbing mid-afternoon and closed at 11,794.81, up 48.15 points or 0.41% after reaching an intraday low of 11,771.4.
The index increased 0.65% for the week and is flat for the year. There were 68 gainers and 62 decliners over the whole market on volumes of 29.98 million share transactions worth $91.77m.
Shane Solly, portfolio manager with Harbour Asset Management, said it was a slow day, volume and price-wise. The market is just bumping along the bottom on company earnings and valuations in a weak economy.
“We are in a geopolitically charged period with the (second round of the) French election this weekend and Labour winning in the UK, and investors are a little wary,” he said.
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