Blue chip stocks drive NZX recovery
The S&P/NZX 50 index increased 122.04 points, or 1.4 percent, to 8,843.24. Within the index, 28 stocks gained, 17 fell and five were unchanged. Turnover was $129.4 million.
The benchmark index fell 4.1 percent for the week. Widespread selling across the globe on Thursday accounted for much of the NZX 50's decline, with traders struggling to attribute the turn in sentiment to a particular event.
"Yesterday's move was the fifth worst one-day performance we've seen, so it's not much of a surprise that we're seeing some bounce," said James Lindsay, a portfolio manager at Nikko Asset Management. "Sometimes things are driven by one-off events, and sometimes it's a collection of things - rising interest rates, trade tensions, et cetera, built up to a point where that was enough."
Despite hitting a four-month low this week, the NZX 50 is still up 5.3 percent so far this year, one of the few equity benchmarks across Asia in positive territory. The New Zealand bourse's 5.5 percent dividend yield is the third-highest behind Australia's S&P/ASX 200 index and Pakistan's Karachi 100.
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