NZ shares nudge up amid growing optimism over US-China trade
The S&P/NZX 50 Index increased 39.99 points, or 0.4 percent, to 10,841.54. Within the index, 27 stocks rose, 16 fell, and seven were unchanged. Turnover was $123.7 million.
International equity markets were broadly stronger, with Hong Kong's Hang Seng up 0.5 percent in afternoon trading, Australia's S&P/ASX 200 Index rose 0.2 percent, and Singapore's Straits Times Index advanced 0.4 percent. Investors have been more upbeat about the US and China trade dispute, and Chinese President Xi Jinping today added to that sentiment by saying more needs to be done to bring down trade protections.
New Zealand and China reached a deal to upgrade their existing free trade agreement yesterday, however, that didn't spur on the local market today, which has a large number of domestically focused firms, such as power and telecommunications utilities and property firms.
"Look at the number of exporters on the market - there's not a huge number to be honest," said Grant Williamson, a director at Hamilton Hindin Greene.
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