NZ shares bounce back from sell-off

The S&P/NZX 50 Index rose 40.83 points, or 0.3 percent, to 13,127.29. Within the index, 34 stocks rose, 14 fell and two were unchanged. Turnover was $158.1 million.

Shares in both NZ and the US recorded some recovery today after Wall Street investors were forced to sell some stocks on Wednesday to cover short positions in GameStop.

Chris Smith, general manager of CMC Markets, said the retail trading frenzy had overshadowed generally positive news as tech stocks reported solid earnings and the US Federal Reserve held its accommodating policy settings.