NZ Sharemarket Surges on Stronger Than Expected Economic Growth

The New Zealand sharemarket experienced a boost on recent data showing the national economy is growing stronger than expected. The S&P/NZX 50 Index climbed throughout the day and closed at 13,756.59, up 133.87 points, or 0.98%. This rise marks a 2% increase in two trading days.

The growth was attributed to construction activity rising sharply from low levels, pulling first-quarter GDP upwards. The news came as a surprise, given the initial expectations.