WELLINGTON: New Zealand's benchmark stock index broke through the psychological 4,000 level on Thursday, its highest in more than 4-1/2 years as investors ploughed into construction-related stocks.
The benchmark NZX-50 index gained nearly 1.0 percent to 4,001.350, the highest level since January 2008, before pulling back to 3,998.986.
Top stock Fletcher Building Ltd drove gains, jumping 3.4 percent while the number two stock, Telecom Corp Ltd , rose 0.8 percent to NZ$2.455 ($2.02).
The small New Zealand market has climbed 22 percent so far this year, recovering from a low of 2,411.16 in March 2009 as the local economy fell into recession, which was exacerbated by the global financial crisis.
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