About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, December 6th, 6:43PM
rss
The Markets

NZ stocks edge higher, led by Contact; Asian markets slide

New Zealand shares edged higher despite a slide in Asian markets on renewed concerns for the global trade outlook. Contact Energy led the gainers as local investors prepare for coming earnings.

Friday, August 2nd 2019, 6:05PM

by BusinessDesk

The S&P/NZX 50 Index rose 3.05 points, or 0.03 percent, to 10,863.87. Within the index, 16 stocks rose, 25 fell and nine were unchanged. Turnover was modest at $92 million with only a handful of stocks trading on more than a million shares.

Asian markets were generally weaker after China-US trade talks ended inconclusively and President Donald Trump tweeted that a 10 percent tariff would be imposed on another US$300 billion of Chinese goods from Sept. 1.

Australia’s S&P/ASX 200 index was down 0.3 percent in early afternoon trading. The Hang Seng index was down 2.3 percent and the Straits Times index was down 0.8 percent.

“It’s a sea of red out there,” said Peter McIntyre, an investment adviser at Craigs Investment Partners. "We are probably faring quite well compared with the rest of Asia today on cautious trading."

Contact led the index higher, rising 1.8 percent to $7.92. Fewer than 438,000 shares changed hands, about half its average daily volume the past three months.

Electricity and property stocks have gained strongly in recent months as declining interest rates boosted demand for defensive sectors with strong dividends.

Tourism Holdings gained 1.7 percent at $4.09, with 66,000 shares traded – about a third of the daily average. Skellerup Holdings also gained 1.7 percent at $2.38. The 39,500 shares traded were only about a quarter of the usual volume.

Spark New Zealand was the most heavily traded stock of the day, rising 1.5 percent to $4.03. About 3.3 million shares were traded, just ahead of its three-month daily average.

Investors continue to digest news that Vodafone New Zealand, now owned by Infratil and Brookfield Asset Management, will be ahead of the pack as it plans to switch on a 5G network in major cities in December.

More than a million Infratil shares changed hands today, the stock down 0.1 percent at $4.67.

McIntyre said full-year reports from firms due in coming weeks will be keenly awaited, given the mixed picture in the economy.

“We have seen some parts of the economy, and business confidence, soften with the expectation of an interest rate cut."

The latest ANZ-Roy Morgan survey of consumer confidence today fell 6 points in July to 116.4, the lowest reading so far this year. While a net 39 percent of those surveyed think it's a good time to buy a major household item, a net 1 percent expect the economy to be in worse shape in a year's time. A net 12 percent had been expecting conditions to improve in the previous survey.

Australia & New Zealand Banking Group led the decliners, down 2 percent at $28.81. Auckland International Airport fell 1.5 percent to $9.35, on about half its usual daily volume.

Air New Zealand rose 0.7 percent to $2.73, also on lighter than usual volumes. McIntyre said the share price was aided by a sharp drop in oil prices overnight.

Network operator Chorus fell 1.5 percent to $5.45. The 852,000 shares traded was close to twice its usual daily volume.

Among other stocks trading on more than a million shares, Argosy Property fell 0.4 percent to $1415, Kiwi Property Group fell 0.3 percent to $1.615, and Goodman Property was unchanged at $2.075.

Tags: Market Close

« NZ shares mixed, weighed by A2 Milk, Tourism HoldingsMilk shares droop on trade tensions; Local market follows Asia lower »

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
ANZ 5.19 4.05 ▲4.05 4.49
ANZ Special - 3.55 ▲3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
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 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.14 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.39 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 4 December 2019 9:11am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

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