NZ shares rise slightly on Wall Street optimism
Greg Smith, head of retail at Devon Funds, said the US consumer price index (CPI) data that was released yesterday came in lower than markets had feared, 8.5% annually versus the 8.7% expected, helping boost NZ’s market.
“Investors are asking, are we actually on the other side of inflation," Smith said. “And there’s certainly relief that we seem to be on the other side of the inflationary hill.”
The S&P/NZX 50 index rose 6 points, or just 0.07% , to 11,760.01. Turnover on the main board was a very light $85.6m.
Property and travel were the focus of the index today, thanks to new data released by the Real Estate Institute (REINZ) and Statistics NZ. As well, Air NZ announced it was cutting back on flights for the rest of the year.
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