Topsy turvy market conditions continue; NZX snaps 3 day losing streak
The S&P/NZX50 Index rose 28.44 points, or 0.3 percent to 10,446.11. Within the index, 35 stocks increased, 11 fell, and four were unchanged. Turnover was $144.8 million.
Investor sentiment improved after a strong lead from Wall Street where investors were buoyed by news of a US$500 billion stimulus package pushed the three benchmark indices at least 2 percent higher. This was accentuated by Brent crude oil prices recovering from a 21-year low, levels which stoked concern about the global economy's outlook.
Sam Trethewey, a portfolio manager at Milford Asset Management, said the oil price recovery had helped local fuel stocks find support again.
“The local stories have been New Zealand Refining and Z Energy benefiting from the stabilisation in oil prices overnight,” he said.
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