NZ market gains on back of KMD's 'impressive result'
The S&P/NZX 50 Index had a late surge in the last half-hour matching session and closed near the day’s high at 11,586.93, up 55.63 points or 0.48%.
There were 74 gainers and 57 decliners over the whole market on improved volume of 35.18 million shares worth $131.77m. Auckland International Airport, up 6c to $8.88, dominated the individual trading with $37.76m worth of its shares changing hands.
Greg Smith, head of retail with Devon Funds Management, said the markets were more confident that officials have a handle on the banking crisis and that it won’t disintegrate into something more serious.
“There have been lots of relief measures put in place in Europe and United States, and Treasury Secretary Janet Yellen indicated the US government was prepared to take further action to safeguard bank deposits, with a backstop for smaller banks if needed.”
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