Bargain hunters drive NZ shares higher

Tue, 01 Feb 2022

New Zealand's sharemarket rallied in earnest on Tuesday as investors concluded that equities had been oversold and rushed to buy at deflated valuations. The S&P/NZX 50 Index rose 170 points, or 1.4%, to 12,058.94. Turnover was $156.3 million.ASB economist Nathaniel Keall said analysts had struggled to pin a narrative on the sudden shift in the mood but “a spot of bargain hunting after last week’s tumbles” was one suggestion.Investment bank JP Morgan told clients the equity market sell-off had been “overdone&...

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