Investors take an early long weekend as the NZX drifts

There was a moment when the S&P/NZX 50 Index rose sharply at lunchtime, reaching a high of 11,930.22. But the index sold off in the afternoon and closed at 11,880.9, down 35.22 points or 0.3%.

The index was slightly ahead for the week and is up about 3.3% for the year so far.

There were 75 gainers and 58 decliners on the main board with 26.29 million shares worth $104.36m changing hands.

Shane Solly, portfolio manager with Harbour Asset Management, said the market pulled back from the MSCI indices changes earlier in the week and it was pretty quiet.