Optimism lifts the NZ sharemarket
The S&P/NZX 50 Index traded solidly in the afternoon and closed at 12,058.29, up 114.96 points or 0.96% after hitting a morning low of 11,917.91.
The index earlier pushed through 12,000 on March 25 and stayed above that level for eight trading days – it was 12,012.24 points on April 5 – before heading south.
There were 98 gainers and 40 decliners over the whole market on volumes of 42.45 million share transactions worth $116.43m.
Paul Robertshawe, chief investment officer with Octagon Asset Management, said the market had a more positive tone and this was clearly a flow-through from the unexpected pivot by the Reserve Bank.
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