NZX up more than 0.5% as weak dollar boosts some stocks

The S&P/NZX 50 Index bounced at the opening and traded steadily throughout the day to close at 12,391.05, a gain of 77.43 points or 0.63% after reaching an intraday high of 12,435.96.

The index has now risen nearly 5.25% so far this year. There were 79 gainers and 54 decliners on the main board, with 45.49 million shares worth $127.32m changing hands.

Jeremy Sullivan, an investment adviser with Hamilton Hindin Greene, said the local market was buoyant, with a broad-based rally. 

“The market is looking ahead to lower interest rates, and the search for yields (in equities) is starting again,” he said.