Most international markets are a sea of red. One exception stands out, says Irwin Greenstein, writing for Contrarian Profits: New Zealand’s NZX 50 Index Gross (NZ50). It has been steadily rising since June of this year.

The New Zealand economy is suffering from the same problems as just about every other country: inflation, low consumer confidence, real-estate troubles and a struggling currency.

However, it seems that the index has been tracking the fortunes of a major constituent: Fletcher Buildings Limited (NZE:FBU).