NZX50 tops 10,000, growing 284% in past decade
The benchmark index rose as high as 10,036, and ended the day up 45.22 points, or 0.5 percent, at 10,004.84. Within the index, 24 stocks rose, 22 fell, and four were unchanged. Turnover was light at $76.4 million.
The NZX50 has had a couple of attempts at hitting the 10,000 level in the past month, with global equity markets buoyed as low interest rates provide cheap finance to corporates and make returns on bonds less attractive than stocks. It took five years to double from the 5,000 level, having taken five years to reach that mark from 2,500 in the fallout of the global financial crisis.
NZX chief executive Mark Peterson said it was a great milestone for the market and compared well with its global peers.
"It represents the significant growth we have seen in the New Zealand market over the past 10 years, with the S&P/NZX 50 up more than 280 percent over that period," he said.
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