24 Nov 2014

Dollar up but market starts week lower

6:07 pm on 24 November 2014

The New Zealand dollar rose against the currencies of all its major trading partners today.

The senior client adviser at Bancorp Treasury Services, Peter Cavanaugh, said investors are contrasting New Zealand's strong economy with weakness in Europe and China and buying local high interest rates again.

At 5.20pm, the New Zealand dollar was trading at 78.92 US cents, 90.86 Australian cents, 50.38 British pence, 0.6366 euro, 93.02 yen and 4.84 renminbi.

New Zealand shares were down at the start of the trading week, with the benchmark Top 50 Index shedding 24 points to 5472.

A portfolio manager at Mint Asset Management, Anthony Halls, said the market failed to benefit from central bank action in China and Europe which has fuelled equities rallies elsewhere.

Shares in Kathmandu rose 10 cents to $3.01, while Scales shares gained 2 cents to $1.49.