NZ tech stocks miss out on Nasdaq highs
Devon Funds' head of retail, Greg Smith, said in the US, the technology sector had “propelled” the gains the Nasdaq saw on Monday, with the tech-heavy stock exchange surging 1.5% on Monday – closing at its highest level since April 2022.
He said the Nasdaq rally had been concentrated in larger-cap stocks operating in more international waters which was why NZ tech stocks hadn’t budged by much on Tuesday.
The S&P/NZX 50 Index rose 37.3 points, or 0.3%, to 11,652.84. Turnover was $118 million.
Transport software company Eroad was down more than 7% in midafternoon trading but ended the day flat at 76 cents per share.
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