Sharemarket rises on quarter-end buying
The S&P/NZX50 ended 118.40 points, or 1.06%, higher at 11,296.43, almost erasing Thursday’s late 1.25% decline. Total trades were worth $190.6m. There were 185 rises and 41 falls.
The gain came at the end of a hard month for sharemarkets here and around the world after key US 10-year bonds hit 4.59% from just 4.11% at the start of the month.
“When the discount rate goes up like that, then all other financial assets, including equities, should fall,” Salt Funds managing director Matt Goodson said.
“The market was sold down very hard at the close yesterday, which was unusual,” he said. “Today was the end of the quarter, and the market has ended with a reasonable gain.”
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