NZ shares bounce from week's losses

The S&P/NZX 50 Index rose 61.73 points, or 0.5 percent, to 13,053.87. Within the index, 35 stocks rose, 10 fell and five were unchanged. Turnover was $152 million.

BNZ interest rate strategist Nick Smyth said risk sentiment had returned as investors put the GameStop drama behind them. Despite the bounce the index still fell more than half percent this week.  

This weakness in the local market was more driven by climbing interest rates than by the volatile meme-stocks that absorbed so much attention.

Long-term NZ rates continued to head higher yesterday. The yield on a 10-year government bond is now 1.4 percent, having added 20 basis points just this week.