MARKET CLOSE: NZ shares rise as local earnings salvage sentiment

Fri, 31 Jul 2020

New Zealand shares rose as earnings updates from local firms and US tech companies outweighed data showing a record quarterly contraction for the US economy. Mainfreight hit an all-time high. The S&P/NZX 50 Index advanced 35.61 points, or 0.3 percent, to 11,727.63. Within the index, 20 stocks rose, 22 fell, and eight were unchanged. Turnover was $155.9 million. The slump in the world's biggest economy put investors on edge, as they weigh up tepid US activity for the broader economy. However, the local market managed to shake that off wit...

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