Power companies drive NZX to new high
The New Zealand share market continues to hit new highs, with the NZX 50 rising yesterday by 20 points to a record of 5491.
Twenty stocks rose, 21 fell and nine were left unchanged. Turnover was $141 million.
So why are investors so bullish?
Greg Smith, managing director of Fat Prophets, says power companies shares have been driving the market growth.
"Three of the five top-performing stocks have been those 'gen-tailers' – gains of 12 to 18 percent," he said on Firstline this morning.
Labour's election loss removed the threat of, giving investors confidence in power companies.
Watch the video for the full interview.
source: newshub archive