NZX-50 at highest since crisis hit

The stockmarket crash in 2008. Photo / Kenny Rodger

The NZX-50 yesterday reached its highest level since September 2008 when the global financial crisis hit markets.

The index of New Zealand's top 50 listed firms closed up 19.6 points, or 0.58 per cent, at 3387.412 last night.

James Lee, head of institutional equities at First NZ Capital, said Fletcher Building had been the major contributor to the NZX-50's rise yesterday.

Shares in the construction and building materials company closed up 19c at $8.23 last night.

Grant Williamson, director at broking firm Hamilton Hindin Greene, said overseas markets - which were showing a strong recovery from the global downturn - buoyed the local market.

Japan's Nikkei average rose to a nine-month high yesterday, aided by a fall in the US unemployment and a weaker yen against the greenback.

"The growth in Asia is certainly spurring on these markets and some pretty good economic data coming out of the US is starting to get investors a bit more excited," Williamson said.

The S&P/ASX200 closed up 5.8 points, 0.12 per cent, at 4868.5 last night.

Williamson said investor confidence was increasing in New Zealand on the back of a rise in the prices of soft commodities such as dairy products.

"Eventually that's got to flow through to other sectors."

Williamson said the reporting season would likely show a "mixed bag" of results.