NZ shares snap six-day decline

The S&P/NZX 50 Index rose 86.63 points, or 0.7%, to 12,227.29. Within the index, 25 stocks fell, 24 rose and one was unchanged. Turnover was $383 million.

A raft of positive results from listed companies, in the past two weeks, have been overshadowed by rising interest rates which caused the share market to fall significantly.

“It has been a reasonably healthy reporting season, which is not reflected at all with how the market as performed this month,” said Mark Lister, head of private wealth research at Craigs Investment Partners.

The 10-year swap rate hit 2% during the day, before easing back to 1.975%. The share market finished the day higher as some stocks bounced from sustained selling.