NZ sharemarket gains as Fletcher hands over NZICC

The S&P/NZX 50 Index, which includes dividends, reached an intraday high of 13,649.74 and closed at 13,605.96, up 49.66 points or 0.37% and above the previous record of 13,570.86 set on October 9.

There were 72 gainers and 66 decliners on the main board with 33.6 million shares worth $133.89 million changing hands.

Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said the local market is heading in the right direction, albeit slowly, and a further cut in the Official Cash Rate on November 26 will benefit stocks, particularly those dividend-sensitive ones.

In Australia, the Reserve Bank kept the cash rate at 3.6%, disappointing households hoping for a Melbourne Cup interest rate cut.