NZ shares rally as economy edges out of recession
The S&P/NZX 50 index rose 100.62 points, or 0.9%, to 11,771.81. Across the main board, 90 stocks gained, 45 fell and 46 were unchanged. Turnover was $130 million.
Government data showed gross domestic product grew 0.2% in the March quarter, with primary production a tailwind for the economy. Still, strong migration underpinned overall spending and GDP shrank 0.3% on a per capita basis, its sixth quarterly contraction in a row.
Courier and information management firm Freightways, often seen as a bellwether for the economy, fell 1.4% to $7.72.
“There is no depression in New Zealand according to the data,” Shane Solly, a portfolio manager for Harbour Asset Management, said. “Underlying it all, the higher interest rates are doing their job.”
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