A fall in the share market for last six days was stalled yesterday. The NZX index when closed yesterday, was up by 4%. This increase has relieved the investors to some extent.
Grant Williamson, Hamilton Hindin Greene Director, has said that this fall was caused by the observation of the poor economic recovery.
"Overall it's been a terrible week for the markets led by the offshore weakness and some evidence the economic data is weaker than expected showing the economic recovery is very slow and sluggish," said Williamson.
In another loss, Fletcher Building lost 9c and closed at $7.66 yesterday.
Craigs Investment Partners Client Adviser, Belinda Stanley has said that this gain represents that the investors are seeking to buy the shares at reasonable prices.
Last week, countries involved in the production of commodity has gained in its currency. In Australia the mining shares also jumped up the compromises on new resources tax between the Government and mining industry was made.
According to this new agreement, the mining tax will be 30% for iron ore and coal. For oil and gas this tax would be 40%.
Stock markets in Asia showed falls. Investors are looking for a change in the US job market.