It's been a global theme but now the market is seeing that trend revert back to growth.
"This week, in particular, support has come back into F&P Healthcare, Mainfreight and a2 Milk," Ward said.
"They are off their lows at the moment, so it feels like people are backing companies which have the prospect of delivering positive news flow," he said.
Mainfreight record
The rotation theory was particularly true for Mainfreight, which saw its share price hit a record high during the week on the back of a strong earnings update.
The global logistics company said its first half pre-tax profit is estimated to have leapt by 23.4 per cent to $102 million, on the back of a 7.2 per cent lift in revenue.
The stock initially climbed to $51.25 and kept on firming throughout the week, finishing at $52.00.
Forsyth Barr said Mainfreight's announcement suggested an upgrade to full year consensus estimates, given its market share wins and a strong margin performance, particularly in Australia.
"It is a best-in-class operator that has strengthened its competitive position through Covid-19," Forsyth Barr said in a research note.
Mainfreight is due to report its half year result on November 11.
EBOS surprise
Shares in EBOS Group rallied after the Australasian distributor of healthcare products said its earnings gained 15 per cent in the first quarter.
However, the company said there was no certainty that this would last for the course of its financial year to June 30.
Forsyth Barr analyst Chelsea Leadbetter said the update confirmed that EBOS was off to a positive start to the year, with strong growth across the board and modestly ahead of the broker's expectations.
Shares in EBOS Group have rallied recently. Photo / Getty Images
"EBOS ticks a lot of boxes, particularly in the current environment, including: a solid growth outlook, defensive product categories, attractive returns and a healthy balance sheet," she said in a research note.
"Valuation remains attractive against the NZ market and defensive peers."
What Election?
If investors were suffering from pre-election nerves, they did a good job hiding it, with S&P/NZX50 index breaking new records throughout the week.
"It's been surprising to a degree but I certainly think that cheap money is swamping the political risk," Matt Goodson, managing director of Salt Funds, said.
"A Labour-Greens coalition looks somewhat likely, but the market is not even remotely concerned," he said.
"It's all about low interest rates trumping that risk at the moment," he said.
Property surge
Meanwhile extremely low interest rates are translating into a very strong listed property sector.
Vital Healthcare - a property trust that invests in high-quality healthcare related properties in New Zealand and Australia - had no trouble raising funds this week.
The ease with which Vital was able raise $125m through a share placement was seen as being indicative of the strength of property sector stocks.
It was a similar story for retirement villages, reflecting the strength in the real estate sector, which is also being fuelled by ultra low interest rates.
Strong house prices make it easier for the retirement village companies to sell their units because of the ease with which incoming residents can sell their houses.
