20 Oct 2014

Market starts trading week higher

5:48 pm on 20 October 2014

New Zealand shares rose today, with the benchmark Top 50 Index gaining 51 points, or 1 percent, to 5198.

Forsyth Barr investment adviser Andrew Bateman said the market was buoyed by a recovery in global equities over the weekend.

Shares in today's star performer, SkyCity, rose 21 cents to $3.78, while Mighty River was up 12 cents to $2.78. Xero shares plunged $1 to $16.05.

The New Zealand dollar was little changed from Friday. Rankin Treasury director Derek Rankin expected it to consolidate this week.

At 5.20pm today, the kiwi was trading at 79.45 US cents, 90.54 Australian cents, 49.31 British pence, 0.6225 euro, 85.3 yen and 4.87 renminbi.

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