The NZX enjoyed eight consecutive daily gains until Tuesday, when it stood at 7422.49 at the end of the trading day.
Craigs Investment Partners broker Peter McIntyre said it was a "really good run" by the NZX 50, which was just 160 points off the record 7585 set last September.
"There’s been strong economic data for New Zealand recently, which is underpinning GDP [gross domestic product]," he said.
NZX 50 participant Chorus had been elevated to the ASX 200 index, which had driven its share price up, and the milk powder supplier A2 Milk had delivered a stronger than expected third quarter, and strong financial guidance, Mr McIntyre said.
While some investors had taken the opportunity to take profits with rising share prices, Mr McIntyre said if the NZX 50 now saw a 2% to 3% decline that would bring buyers back into the market.
Although employment data came at the end of the eight-day run, Mr McIntyre said it was one of the week’s highlights, as unemployment was down from 5.2% the previous quarter to 4.1%, and Fonterra’s global dairy trade auction made bigger gains than expected.
He said international markets has responded positively to the likely outcome of the French elections, which should be known by Monday, New Zealand time, and the de-escalation of tensions between North Korea and the US had flowed through the US markets, then the NZX.
US President Donald Trump’s proposed tax cuts were also taken as a positive by US markets, he said.
