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)

Dan Brunskill

Thu, 01 Jul 2021

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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