Record year beckons for NZ shares; index reweighting drives big volume
The benchmark index increased 1.68 points, or 0.02 percent, to 11,482.29, and is up about 30 percent so far this year. Within the index, 28 stocks rose, 14 fell, and eight were unchanged. Turnover was $230 million, with 15 stocks trading on volumes of more than a million shares.
NZX and FTSE index reweightings came into effect today, meaning large institutional investors tracking those benchmarks have to change their portfolios to match.
Shane Solly, a portfolio manager at Harbour Asset Management, said there had been some buying in the lead-up to the reweighting and that he expected it to keep washing through the market in coming days.
“This is an illiquid time of the year for markets given that people go away. But this index movement today has been pre-empted to a degree, so we’ve got some stocks like Fisher & Paykel Healthcare that have been very strong, giving back some of that recent performance,” he said.
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