tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, June 5th, 7:54AM

Investments

rss
The Markets

NZ stocks tick higher as offshore moves lift sentiment

New Zealand shares ticked up, supported by overnight gains on Wall Street and positive trading in Australia. A2 Milk Co and Synlait Milk rose.

Tuesday, November 6th 2018, 5:58PM

by BusinessDesk

The S&P/NZX 50 index rose 37.64 points, or 0.4 percent, to 8,816.42. Within the index, 27 stocks rose, seven were unchanged and 16 fell. Turnover was $130.9 million.

Sentiment got a lift when the Dow Jones Industrial Average rose 0.8 percent and the S&P 500 lifted 0.6 percent on gains in the broader financial sector. Australia's S&P/ASX 200 index was up 0.9 percent after the Reserve Bank of Australian kept rates on hold at a record 1.5 percent.

"It's been a positive day in reaction to offshore firmness in the markets. We are really following them and we are just clawing back our losses from October," said Grant Williamson, a director at Hamilton Hindin Greene.

A2 Milk lifted 3.5 percent to $10.50 after falling in recent sessions. Williamson said the lift wasn't driven by any specific news but by buying interest at these levels.

There seems to be a "pretty significant turnaround" with November seeing buyers come back into the market place, he said.

Synlait rose 2.9 percent to $8.76. Other companies to garner buying interest included Spark New Zealand, the shares of which rose 2.3 percent to $4.07. Kathmandu Holdings added 3.2 percent at $2.90.

Orion Health Group was up 1.8 percent to $1.16. Yesterday, the technology company raised the likely price range for its planned buyback to $1.20 to $1.25 from $1.16 to $1.26, following the completion of the sale of its Rhapsody unit to UK private equity firm Hg for $205 million.

Contact Energy added 0.9 percent to $5.65. Earlier the company said its operating earnings during the past four months are ahead of last year. It  generated 3,158 GWh of electricity in the four months through October, about 8 percent more than the year before. Average prices for that output were 55 percent higher at $133.42 per megawatt hour.

Genesis Energy added 0.2 percent to $2.41. Mercury NZ dipped 0.7 percent to $3.405 and Meridian Energy fell 1.4 percent to $3.115.

Williamson said gains were pretty much across the board with the exception of a handful of stocks.

Ryman Healthcare fell 3.3 percent to $12.20 but he said there was no specific driver behind the move. "It's just a few sellers came back in," he said.  The same was true for SkyCity Entertainment, which fell 3.4 percent to $3.72.

Z Energy bounced slightly after sharp falls since it rattled investors last Thursday with a 21 percent drop in first-half earnings and a dividend about five cents less than they were expecting. The stock added 1.9 percent to $5.28.

While investors will be keeping one eye on domestic news, such as labour data tomorrow and the central bank's monetary policy statement Thursday, Williamson said the main focus is offshore.

US congressional midterm elections are of particular interest but tough to call, he said. Results are due Wednesday in New Zealand  The Democratic Party may win back control of the House of Representatives with the Republicans likely to keep the Senate.

If that's the case, it may not be viewed as positive for markets at it will make progress on policy more difficult, he said.

Tags: Market Close

« Global investors grow wary and NZX falls; Z Energy slides furtherNZ shares lift as US election results look to be largely as expected »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

AM Update - Your morning business news update

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 3.35 3.19 3.85
ASB Bank Special - 2.85 2.69 3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - 2.79 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.39 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 4.40 2.95 2.95 3.69
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 2.65 2.79 3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 2.79 ▼2.79 3.39
The Co-operative Bank - Standard 4.40 3.29 ▼3.29 3.89
TSB Bank 5.34 3.59 3.59 4.19
TSB Special 4.54 2.79 2.79 3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.79 2.69 2.79
Median 4.55 3.32 3.39 3.69

Last updated: 3 June 2020 3:56pm

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com