US economic recovery boosts NZ shares
The S&P/NZX 50 Index rose 15.93 points, or 0.2%, to 12,731.13. Within the index, 25 stocks rose, 21 fell and four were unchanged. Turnover was $171.9 million.
Mark Smith, an economist at ASB Bank, said the combination of strong US data, the prospect of further stimulus and upbeat corporate earnings underpinned the broadly positive market sentiment.
Data showed US gross domestic product surged by an annualised 6.4% in the first quarter of 2021, fuelled by stimulus cheques to households. Some economists are predicting second quarter data could show a double-digit increase, he said.
This optimism eventually rolled through to an otherwise subdued NZ market, which closed higher after trading negatively throughout the afternoon.
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