NZ shares join Asian rally as Chinese data boosts investor confidence
The S&P/NZX 50 Index increased 8.96 points, or 0.1 percent, to a record close 9,853.91. Within the index, 28 stocks rose, 19 fell, and three were unchanged. Turnover was $127 million.
Stock markets across Asia rose after the Caixin/Markit manufacturing purchasing managers' index showed unexpected expansion in March, with new orders at their highest level in four months. China's Shanghai Shenzhen CSI 300 Index was up 3.9 percent in afternoon trading. Singapore's Straits Times Index rose 0.3 percent and South Korea's Kospi 200 Index gained 0.5 percent.
"Usually there's quite a bit of window-dressing coming out of March and you can have a bit of a decline on the first day of April," said Peter McIntyre, an investment adviser at Craigs Investment Partners.
"The flash PMIs from China were expected to be in the high-40s and they come out above 50, so Asia's trading really strongly."
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