NZ sharemarket rebounding strongly

The S&P/NZX 50 Index traded strongly in the afternoon after reaching a morning low of 10,725.5 and closed at 10,850.92, up 93.23 points or 0.87% – the biggest single-day rise in 10 weeks.

There were 84 gainers and 45 decliners on the main board, with 26.05 million shares worth $102.92 million changing hands.

The last two days of rises are a welcome relief for investors after the NZX index fell 4.8% in October – the biggest monthly decline since 4.9% in May last year. The index also fell 4.2% in August.

Unemployment rose to 3.9% in the year ending September, from 3.6% previously, and the employment rate fell to 69.1% from a high of 69.8% in the previous quarter.