The sharemarket gained, led by larger stocks, as investors preparing for the start of earnings season were buoyed by better-than-expected results from the United States. The benchmark S&P/NZX 50 Index advanced 63.404 points, or 0.5 per cent, to 12,764.23 on Tuesday. “The large caps are doing some of the heavy lifting today,” said Nikko Asset Management New Zealand equities portfolio manager Michael De Cesare. On Wall Street on Monday, technology and energy companies led stocks lower, easing the market back from its recent all-time highs. Energy companies slumped the most among S&P 500 stocks as the price of benchmark US crude oil fell 2.6 per cent to its lowest levels since May.

Source: Stuff August 10, 2021 05:57 UTC