Sharemarket ends week with an upwards tick

The S&P/NZX 50 Index found some strength late in the afternoon and closed at 11,927.5, up 47.82 points or 0.4%. The index gained 0.4% for the week and is now 4.26% ahead for the year.

But trading during the school holidays continued to be light, with 28.55 million shares worth $96.69m changing hands. There were 55 gainers and 65 decliners on the main board.

Mark Lister, investment director with Craigs Investment Partners, said the market was still quiet and meandering along.

“There hasn’t been a lot of reaction to the fall in annual inflation. It is a step in the right direction but 6.7% is still higher than anyone would like,” he said.