The NZ sharemarket bounded to a new high on Wednesday, with the NZX-50 index surpassing the previous peak to climb above 12870.
Investors are not exactly dancing in the streets, although in past eras they might have been.
But there seems to be a clear conviction among investors that the NZ economy is escaping from the shackles of the Covid-19 pandemic faster than most others, and anyway, where else can funds be placed for a decent return (apart from the overheated housing sector)?
Strangely, too, the market hit its new peak just as the gloss had gone from the stocks which had enjoyed to that point the status of market darlings, F&P Healthcare and A2 Milk. Continue reading “Market darlings falter but the rise of other stocks has lifted the NZX-50 to a new record”