23 Apr 2014

Market closes higher

6:21 pm on 23 April 2014

The share market rose on Wednesday with the Top 50 Index gaining 38 points to 5143.

The head of wealth research at Craigs Investment Partners, Mark Lister, says stronger United States markets helped push Xero up on Wednesday but that the technology sector remains volatile.

He says Xero, at one point this month, was down 38% from its previous highs and while it has recovered, it's still some way off the $45 highs it previously reached.

Xero shares rose 99 cents to $32.30 while Diligent shares dropped as low as $4.35 before recovering to close unchanged at $4.60.

Retail shares had a good day with The Warehouse rising 9 cents to $3.40 and Hallenstein Glasson climbing 20 cents to $3.40.

The New Zealand dollar jumped two-thirds of an Australian cent but is little changed against the currencies of the nation's other major trading partners.

Senior client advisor at Bancorp Treasury Services Peter Cavanaugh, says this is because Australian inflation figures for the March quarter came out significantly weaker than expected.

The Kiwi closed at at 85.96 US cents, 92.59 Australian cents, 51.08 British pence, 0.6219 euro, 88.11 yen and 5.37 renminbi.