Rebound in property stocks helps lift NZ sharemarket
The S&P/NZX 50 Index reached an intraday low of 11,658.13 and climbed to positive territory by the end of the day, gaining 28.8 points or 0.25% to 11,753.02.
There were 70 gainers and 64 decliners on the main board with 33.64 million shares worth $114.42m changing hands.
Matt Goodson, managing director of Salt Funds Management, said: “We saw a few price movements and some of them were a backwash from the recent index changes.”
The property sector was up 1.07% on the NZX index. Goodson said Precinct Properties weighting increased in the top 50 following the sale of Abu Dhabi Investment Authority’s 15% shareholding, and the other property stocks were down-weighted.
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