NZ shares gain; index reweighting drives heavy trading in Kiwi, Kathmandu
The S&P/NZX 50 Index increased 28.34 points, or 0.3 percent, to 10,829.39. Within the index, 34 stocks rose, 11 fell, and five were unchanged. Turnover was $282.9 million, with 17 stocks trading on volumes of more than a million shares.
The benchmark index ended the week marginally lower, down 0.3 percent, as investors weighed up the impacts of geopolitical uncertainty, ranging from a spike in oil prices to the Federal Reserve's interest rate outlook. Domestically, the economy grew at a faster clip than economists expected, but they still expect the Reserve Bank to cut the official cash rate below 1 percent.
"The market has been all over the show, but there's not a lot of change after a week of ups and downs," said Grant Williamson, a director at Hamilton Hindin Greene.
Trading was extended today to cater to the typically heavy volumes that come in the quarterly rebalancing of the S&P/NZX and FTSE Russell indices.
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