Continued good news from the United States is helping lift sharemarket values around the world and there is expectation that next week will bring more of the same.
Although Asian and transtasman markets weakened off yesterday, Craigs Investment Partners broker Chris Timms said Asian markets steadied and other markets moved into a consolidation phase after several weeks of growth.
Some profit taking was seen on the NZX yesterday, and that also was to be expected.
What happened next week would hinge on the news coming from the US, he said. However, even news yesterday that the International Monetary Fund (IMF) approved a 28 billion ($NZ44.6 billion) loan for Greece failed to raise eyebrows.
"This year, we have had more good news than bad news, the opposite of recent times. And now the good news is treated with respect when in the past it has been questioned on its accuracy."
The NZX50 had been the best performing market this year, in own currency terms, Mr Timms said.
The NZX50 closed on December 31 on 3274 points, and yesterday was trading at 3522, up 7.6%.
The ASX200 was up 5.2% and while the Dow Jones Industrial Index was up above 13,000 points and 8.5% for the year, it was in US dollar terms. Mr Timms said given the low value of the US currency this year, it still meant the NZX had outperformed the Dow.
In the United Kingdom, the FTSE was up 6.6%.
The Standard and Poor's 500 index closed yesterday above 1400 for the first time since June 2008.
"The market is still going through a relief rally more than chasing a new trend on global growth. We are getting into profit-taking territory," Mr Timms said.
Some of the good news included the number of Americans claiming new jobless benefits falling to a four-year low last week. The New York Federal Reserve said on Thursday its Empire State general business conditions index rose last month to its highest level since June 2010.
The Philadelphia Federal Reserve Bank's business activity index also showed manufacturing kept growing in the region this month.
That data was expected to provide strong support for the markets, he said.
In New Zealand, there had been a "reasonably strong" reporting season, some good news on employment and more positive talk about economic growth. That was helping things along.
Other good news was that Iceland had prepaid part of its huge debt to the IMF, incurred when the country underwent a rescue following the 2008 collapse of its financial sector, the fund says.
