Shares rise as property stocks hit records

A stronger than expected economy and a review of mortgage rate modelling means that Westpac now doesn’t expect property prices to decline until late 2022. (Image: Deposit Photos)
New Zealand’s benchmark equity index was marginally higher today as stocks exposed to the housing market picked up steam, with Stride Property hitting an all-time high. The S&P/NZX 50 Index rose 29.03 points, or 0.2%, to 12,683.63. Turnover was $220 million.Argosy Property led the market higher, gaining 4.5% to $1.63, followed by Stride Property which climbed 2.9% to $2.46. Both stocks are at record highs today after several days of gains.Westpac’s acting chief economist, Michael Gordon kicked off the week by upgrading the...
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