NZ tech stocks miss out on Nasdaq highs

Devon Funds' Greg Smith said the Nasdaq rally had been concentrated in larger-cap stocks internationally. (Image: Getty)

Ella Somers

Tue, 13 Jun 2023

The United States' Nasdaq index jumped to highs not seen since April last year during Monday trading but those offshore gains weren’t reflected in New Zealand’s tech stock sector on Tuesday.Devon Funds' head of retail, Greg Smith, said in the US, the technology sector had “propelled” the gains the Nasdaq saw on Monday, with the tech-heavy stock exchange surging 1.5% on Monday – closing at its highest level since April 2022.He said the Nasdaq rally had been concentrated in larger-cap stocks operating in more...

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