Sharemarket up 1.9% as investment in stocks soar

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The sharemarket has had its strongest session in seven months as investors piled into stocks.

Photo: 123RF

The benchmark NZX-50 closed 238 points or 1.9 percent higher – the biggest daily gain since early January.

Telecommunication company Chorus rose more than 12 percent after a favourable Commerce Commission draft decision on the value of the company’s assets.

Leading stocks included Mainfreight, Fisher and Paykel Healthcare, and the major power companies.

The local market is at a six-month high, but still nearly 3 percent lower than the start of the year.

It has been an underperformer compared to other developed countries’ markets fuelled by cheap money looking for better returns.

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