Market hits four month high

The S&P/NZX 50 Index rose 56.18 points, or 0.5 percent, to 11,558.70 — the highest close since March 5. Within the index, 23 stocks rose, 22 fell, and five were unchanged. Turnover was $123.8 million.

Share markets across Asia rose to their highest level since the end of February, based on the MSCI Asia Index.

Today’s rally was driven by reports that nonfarm jobs in the United States increased by 4.8 million in June, beating the expectation of economists who predicted a lift of 3 million jobs.

The recuperating job market had been taken by some investors as a signal of wider economic recovery and bolstered market sentiment, ASB economist Mark Smith said.