New Zealand's sharemarket hit an all-time high this afternoon, a market analyst says.
The NZX-50 index was trading at 4341 points at 4pm, up 1 per cent on the back of rises in major stocks including Auckland Airport, Telecom, Xero and Sky TV.
Its previous high was in May 2007, just before the onset of the global financial crisis, when it reached 4333 points.
Craigs Investment Partners head of private wealth research Mark Lister said the level the NZX-50 has reached this afternoon was an all-time high for the local sharemarket.
"I don't think that necessarily means that all the issues that we've seen since the global financial crisis hit have been fixed [but] it's certainly good for investors and people can take heart that we've had a pretty significant market correction - it's the biggest one we've had in many, many, many years," said Lister.