by BusinessDesk
The S&P/NZX 50 index edged up 0.77 of a point, or 0.01 percent, to 9,271.53. Within the index, 20 stocks gained, 23 fell and seven were unchanged. Turnover was $89.4 million.
Several Australian stock indices tracked by passive investment funds will rebalance at the end of the week. The new line-ups will take effect from next month, including Sky TV's exit from the S&P/ASX 300 index. Sky TV fell 2.8 percent to $2.06, just shy of the $2.05 low it hit on Sept. 6.
David Price, a broker at Forsyth Barr, said trading had been particularly quiet for a number of days and that the index rebalancing will attract most focus this week.
"There'll be quite a bit going on this Friday with some large index changes. That'll be the highlight of the week."
Pushpay rose 2.7 percent to $4.15, extending last week's gain on a broker upgrade. A2 rose 2.5 percent to $12.29 after a Forsyth Barr research note said new Chinese e-commerce rules should play to the milk marketer's strengths. Synlait Milk fell 1.6 percent to $12.95 ahead of its annual result on Thursday.
Chorus gained 2.1 percent to $4.89 and Ebos Group rose 2.1 percent to $22.44.
Retirement stocks largely fell. Price said the decline was too small to attribute to the recently announced Australian Royal Commission into aged care, which saw the likes of ASX-listed Estia Health sink 17 percent. Summerset Group fell 2.6 percent to $7.60, Metlifecare declined 1.9 percent to $6.26 and Ryman Healthcare decreased 1.1 percent to $13.55.
Property For Industry slipped 2.5 percent to $1.755 after opening a seven-year bond offer. The real estate investor wants to raise $100 million which it will use to repay bank debt and diversify its funding at a lower cost.
Infratil declined 1.1 percent to $3.47 and Mercury NZ was unchanged at $3.28. Tilt Renewable's independent adviser valued the wind and solar generation business at a premium to the duo's $2.30 a share offer. Tilt rose 4.8 percent to $2.41.
Kathmandu was unchanged at $3.18 ahead of its annual result tomorrow. The retailer has said net profit should rise to between $48 million and $52 million from $38 million in 2017.
(BusinessDesk)
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