NZX Top 50 surges past 13,000 mark for first time

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The local sharemarket has broken through a life-time high as investors chased top stocks and those recovering after recent bad news.

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Photo: Suppled/NZX

The index surged through the 13,000 mark for the first time to close up 178 points – about 1.4 percent – to 13,020 points.

The market was led by solid gains for infant formula companies A2 Milk and Synlait, which were battered earlier in the week after substantially cutting their earnings forecasts.

Other strong performers included Air New Zealand, power companies Contact and Meridian, and transport company Mainfreight.

So far this year the New Zealand market has risen nearly 13 percent, making it one of the best performing in the developed world.

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