NZ stocks hit record

NEW Zealand’s benchmark stock exchange has topped 8000 points for the first time as low interest rates and a stable economic outlook bring healthy returns for major companies.

The NZX 50 index, broadly covering the 50 biggest stocks listed across the Tasman, touched a record high of 8017.44 yesterday, bringing its gain this year to about 16 per cent.

That would mark the fifth straight year of 10 per cent gains.

It comes as Australia’s benchmark index, the ASX 200, languishes more than 1000 points below the peak – above 6800 points – that it hit almost a decade ago.

The gains in New Zealand have been driven primarily by dairy products and tourism.