The New Zealand sharemarket's relief rally proved short-lived, with local stocks giving up gains and falling into negative territory this afternoon. But sellers returned to the market this afternoon and the index slipped back to be down 0.3 per cent at 3.30pm. Major movers on the NZX 50 this afternoon include Mercury NZ, down 3.9 per cent, and Ryman Healthcare, down 2.7 per cent. Low and even negative interest rates have been lubricating share markets and pushing investors toward stocks, especially those that pay solid dividends. "A significant amount of that is likely to be reinvested in the New Zealand market - that could keep it pretty strong on the buy side."

Source: New Zealand Herald September 13, 2016 03:54 UTC