17 Jul 2013

Share market rises slightly after sharp drop

7:08 pm on 17 July 2013

The share market has eked out a small rise on Wednesday after Tuesday's sharp drop, the benchmark NZX 50 index gained 2 points to close at 4578.

One of the biggest gains was the children's clothing retailer, Pumpkin Patch, which rose 8.5 cents to 89 cents.

Board papers software provider, Diligent, which on Tuesday said it was complying with the stock exchange's disclosure rules, rebounded 43 cents to $6.10 on Wednesday after falling from as high as $8.20 in May.

The New Zealand dollar was about a third of a cent stronger against the US dollar at 78.71 cents but a little weaker against the Australian dollar at 85.39 cents at 5pm on Wednesday.

The US dollar is falling ahead of the Federal Reserve chairman, Ben Bernanke's semi-annual testimony to the US Congress.

Mr Bernanke's recent comments that the Fed may soon stop printing money has been causing market jitters for weeks.