29 Oct 2014

NZ market keeps rising

7:09 pm on 29 October 2014

New Zealand shares rose today, with the benchmark Top 50 Index hitting a fresh record during the day for the fourth trading day in a row. It rose 18 points, or a third of a percent, to end at 5356.

A portfolio manager at Devon Funds, Nick Dravitzki, says the market followed strong performances from overseas.

Meridian's instalment receipts increased 4 cents to $1.67, NZX shares gained 2 cents to $1.19, while Guiness Peat shares rose 2 cents to 52 cents.

Meanwhile, the New Zealand dollar was little changed again.

Westpac market strategist Imre Speizer said the currency could drop after the Reserve Bank's statement on interest rates tomorrow.

At 5.20pm today, the New Zealand dollar was trading at 79.19 US cents, 89.32 Australian cents, 49.08 British pence, 0.6217 euro, 85.64 yen and 4.84 renminbi.