Light pre-Christmas trading for NZ sharemarket

After a slow start and falling to 12,944.1, the S&P/NZX 50 Index got into the festive spirit and closed at 13,074.74, increasing 86.71 points or 0.67%. The index had risen 2.5% in the last three days. It was last above 13,000 points on Dec 3.

But volumes were light on the half-day of trading before Christmas Day, with 11.44 million shares worth $40.8 million changing hands. There were 84 gainers and 45 decliners on the main board.

Paul Robertshawe, chief investment officer with Octagon Asset Management, said the volumes were so bad it wasn’t even funny.

“There’s lots of out-of-office messages on email, and despite the low liquidity and lack of company news the market put in a good performance.”