NZX50 breaks an eight day losing streak

The S&P/NZX 50 Index sprung into life mid-afternoon and closed at the day’s high of 11.357.12, up 58.42 points or 0.52% after reaching a low of 11,264.49. The index had fallen on each of the previous eight trading days.

There were 62 gainers and 58 decliners on the main board, with 23.61 million shares worth $94.46m changing hands.

Greg Smith, head of retail with Devon Funds Management, said: “After the succession of down days, we’ll take that rise.

“There has been a hangover on the local market from a relatively average earnings season and uncertainty about the election, though the polls and party announcements have provided more clarity than a few weeks ago.”