'Opportunities in NZ shares, emerging markets'
Tower investments chief executive Sam Stubbs sparked debate last month when he said there was a bubble forming in the New Zealand sharemarket.
The NZX has risen 78% since March 2009 and is now just 1% off its all-time high, reached in May 2007. Last year the market rose 24%, its strongest year in 10 years.
But Mark Lister, of Craigs Investment Partners, said the growth was sustainable and increases would continue through 2013. He said shares were not as expensive as they were in 2007 when looked at on price-earnings ratio, earnings forecasts were realistic, company debt levels were lower and the economy was growing.
In May 2007, New Zealand shares were trading at a PE ratio of 16.9, 21% above the 20-year average of 14.0. Today, New Zealand shares are trading at 15.7.
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