Passive funds push NZX 50 higher

Fri, 17 Sep 2021

New Zealand shares bounced back from a losing streak as fund managers who track the S&P/NZX and FTSE Russell indices completed their quarterly portfolio rebalance. The S&P/NZX 50 Index rose 155 points, or 1.2%, to 13,234.55. Turnover was elevated at $883 million with an extended session to facilitate the rebalance.Earlier this month, logistics company Mainfreight hit a record high after FTSE announced it would be included in its global small-cap index, along with travel booking company Serko.Both stocks saw their share prices pushe...

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