NZ Sharemarket Holds Firm as Oil Prices Soar

The New Zealand sharemarket remained steady despite a significant increase in Brent Crude oil prices. The oil price reached a two-month high of more than US$100 (NZ$173.03) a barrel, which caused markets around the world to react with concern.

However, the NZX 50 Index held its ground and even performed better than expected compared to other countries. It had initially fallen at the opening following a sell-down on Wall Street but then traded steadily throughout the day.