NZ sharemarket ends week on brighter note with heavy trading
The S&P/NZX 50 Index closed at 11,347.73, up 34.2 points or 0.30%, after fluctuating between an intraday low of 11,290.27 and a high of 11,365.26. The index finished flat for the week and is down 1.1% for the year so far.
There were 87 gainers and 31 decliners on the main board. Trading was extended for the quarterly rebalance of the NZX and FTSE Russell Indices, and by the end of the day, 128.64 million shares worth $364.97m changed hands.
In the United States, the Dow Jones Industrial Average had its best day since Aug 7, rising 0.96% to 34,907.11 points. The S&P 500 was up 0.84% to 4505.10 points, and the Nasdaq Composite increased 0.81% to 13,926.05.
In the first major initial public offering for nearly two years, chip design company Arm Holdings, controlled by SoftBank, jumped nearly 25% on its first day of listing, rising from US$51 (NZ$85.94) to $63.59. Arm has a US$60 billion valuation.
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