A strong run by the New Zealand stock exchange's top 50 company index has had it sitting just below its all-time high for most of this week.
Several factors have underpinned its strength, both domestically and globally.
The NZX50 reached its highest in early August at 5963.05 before easing off to 5572 in September, but during the past four to five weeks has risen steadily and it topped 5900 several times this week.
It opened yesterday at 5918 and went up to 5930.94 by noon, then closed at 5923.59.
Craigs Investment Partners broker Peter McIntyre said several factors had contributed to the NZX50's strength in recent weeks, the first being settled global markets.
US central bank the Federal Reserve had held off raising its interest rates, while in New Zealand the market was expecting another Reserve Bank cut to the interest-driving official cash rate from the present 2.75% to again match its all-time low of 2.5%.
There had also been better outlooks in several sectors, including Fonterra's improved forecast payout, the property sector and recent positive data from the retail sector.
He noted that term deposit interest rates were now sitting around historic lows of 3%, down from 4%-5% returns, which was prompting investors to go into the sharemarket.
''Even though the past [company] reporting season was more `good' rather than `stellar', a large number of companies grew their payout ratios and dividends,'' Mr McIntyre said.
The payout ratios and emphasis on dividends was now attractive to investors, in particular companies in the utilities sector, property, energy generation, logistics and ports, he said.
