NZ shares up with Evergrande lurking in background
The S&P/NZX 50 Index rose 38 points, or 0.3%, to 13,215.8. Turnover was $145 million.
While headlines proclaimed Chinese property development giant Evergrande could become insolvent and disrupt global markets any day, it has not yet happened.
There were no developments overnight with the market watching closely for a signal that the Chinese government may step in to help restructure the firm’s debt.
Sam Trethewey, a portfolio manager at Milford Asset Management, said there was no sign of any negative spillover yet, but it had acted as a catalyst for investors to acknowledge pre-existing risks.
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