Property stocks attract attention
Construction firm Fletcher Building led the market higher today, up 3.3% to $6.92. New builds are exempt from the stricter tax rules for property, which may encourage more construction activity.
The S&P/NZX 50 Index rose 29.18 points, or 0.2%, to 12,388.06. Within the index, 22 stocks fell, 22 rose and six were unchanged. Turnover was $165.5 million.
Shares in Kiwi Property Group jumped 2.9% to $1.25 after a draft revaluation of its property portfolio added $100m, or 3.1%, to its value in just six months.
The property investment company is focused on large scale retail property investments, but benefits from the soaring house prices which boosts land values.
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