10 Nov 2014

Strong day for market and dollar

6:10 pm on 10 November 2014

The New Zealand dollar rallied today, as profit takers sold US currency.

The Kiwi was trading more than $US1 up on its value in late trading on Friday and was up again slightly this morning.

The head of external foreign exchange sales at ASB Bank, Tim Kelleher, said the movement was being driven by the Greenback.

At 5.20pm today, the New Zealand dollar was trading at 77.88 US cents, 89.79 Australian, 48.96 British pence, 0.6238 euro, 88.95 yen and 4.76 renminbi.

Meanwhile, New Zealand shares had another strong day, as the benchmark Top 50 Index rose almost 1 percent to finish 51 points higher to a record close of 5470 - just shy of the intraday record of 5477 reached in late trading.

Dave Schaper of Forsyth Barr said the market was driven higher not only by bluechip company stocks, but by smaller companies too.

Among the energy companies, Mighty River Power shares climbed 7 cents to $3.03, while Meridian Energy rose 2 cents to $1.74 and Genesis rose half a cent to $2.21.5.

Xero shares rose $1.10 to $18.62, while Veritas gained 8 cents to $1.28.