Shares snap six-day slide

The S&P/NZX 50 Index rose 42.95 points, or 0.3 percent, to 12,881.31. Within the index, 29 stocks rose, 14 fell and seven were unchanged. Turnover was $185.3 million.

China’s fourth-quarter GDP data was better than already solid expectations, increasing 6.5 percent from a year earlier, making it the only major world economy to grow last year amidst the global pandemic.

A recent wave of covid cases and lockdown restrictions in Hebei province may have limited celebrations but Greg Smith, head of research at Fat Prophets, said the GDP result was welcome news for the NZ economy which exports more than 20 percent of its total goods and services to China.

“China is our largest customer and is providing a blueprint for global recovery.”