Market rebounds; Kathmandu rises after bookbuild
The S&P/NZX50 50 Index increased 71.61 points, or 0.7 percent, to 10,892.82. Within the index, 33 stocks rose, 13 fell, and four were unchanged.
“October is usually a volatile month for investors and the New Zealand market has performed well in relation to its Asian counterparts today," said Peter McIntyre, a senior advisor at Craigs Investment Partners. "But that volatility is expected to remain in the coming week as their wall of worry that’s appeared will continue.”
Overnight leads were moderate with the S&P 500 up less than 1 percent. New Zealand traded well above the rest of Asia and Australia which is "just in the green," McIntyre added.
Equity markets slumped earlier in the week after weaker-than-expected US manufacturing and services data suggested growth in the world's largest economy may be slowing.
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