Contact Energy soars in post-Christmas Santa rally
To begin with, the S&P/NZX 50 Index lacked any drive in the holiday trading. But it suddenly had a 1% turnaround in the last hour and closed at 13,270.01, up 64.91 points or 0.49% after reaching an intraday low of 13,100.53.
The index reached its highest close of the year following five successive days of gains. It hit 13,212.92 on November 27. There were 16.97 million share transactions worth $79.38 million.
Paul Robertshawe, investment officer with Octagon Asset Management, said “I don’t want to read too much into the day-to-day movements at this time of the year as the volumes and liquidity are so low, creating volatility.
“But I hear the Boxing Day sales went reasonably well. We will know more when we get a couple of company updates in late January,” Robertshawe said.
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