NZ stocks claw back lost ground to end up 0.8%

The S&P/NZX 50 Index ended at 13,231.66, up 111.63 points or 0.85%, with 131 million shares, worth $643.6m trading.

There were 81 rises and 57 falls on the main board.

The benchmark index dropped by 0.8% on Thursday after data showed New Zealand’s gross domestic product fell by a worse-than-expected 0.9% in the June quarter.

Harbour Asset Management portfolio manager Shane Solly said this week’s rate cut from the US Federal Reserve, plus the prospects of a more aggressive easing stance from the Reserve Bank of NZ (RBNZ), made for a better backdrop for equities.