NZ shares gain as strong Summerset sales buoy retirement stocks
The S&P/NZX 50 Index rose 108.97 points, or 0.9%, to 11,844.39, snapping a two-day decline. Summer trading on the main board remained relatively quiet, with 16.2 million shares changing hands for a turnover of $64.7m, and 92 stocks gaining and 33 declining.
A strong day on Wall Street led by US tech stocks kicked off gains in global markets, with Australian and NZ stocks joining the rally.
Summerset was among the stronger performers on the day, rising 3.9% to $10.86 after reporting a record 360 sales in the December quarter, with 186 new sales and 174 resales.
That took annual sales to 1,103, and chief executive Scott Scoular said he was optimistic for the coming year with strong demand and pre-sales for occupation rights and positive signs the residential property market was improving.
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