Late surge lifts NZ sharemarket into positive territory

High interest rates are still a drag on equities investors. (Image: Getty)

Fri, 22 Sep 2023

A late, index-related buying surge took the New Zealand sharemarket into positive territory at the close after spending most of the day in the red.The benchmark S&P/NZX50 index ended 53.88 points or 0.48% higher at 11,372.62. Volume was on the light side at $93 million.Harbour Asset Management portfolio manager Shane Solly said the late push higher may reflect some optimism “that we have seen a low point for economic activity and company earnings”.For the most part, the market had spent the day battling with higher interest rate...

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