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The Markets

Sharemarket plays catch up after yesterday’s outage

New Zealand shares were stronger as they played catch up from yesterday’s late outage, with heavier trading than usual.

Tuesday, December 17th 2019, 6:20PM

by BusinessDesk

The S&P/NZX 50 Index rose 34.01 points, or 0.3 percent, to 11,260.84. Within the index, 28 stocks advanced, 18 fell and four were unchanged. Turnover was $186.9 million.

Trading was busier than normal with a volume of 35.3 million shares changing hands, more than the 90-day average of 28.5 million, after an outage late yesterday cut the session short.

Better than expected Chinese economic data yesterday helped buoy stocks on Wall Street overnight, and that positive sentiment carried on into Asia. Hong Kong’s Hang Seng was up 1 percent in afternoon trading, Australia’s S&P/ASX 200 Index was flat, and South Korea’s Kospi 200 Index increased 1.4 percent.

“A big chunk of trading does get done at the open and close with some institutions trading then, and we’re playing catch up today,” said Grant Davies, an investment adviser at Hamilton Hindin Greene.

A recovery in the ANZ's latest business outlook in both the economic confidence and firms’ own activity gauges also helped support the local outlook.

“That’s good for the New Zealand economy and the New Zealand market more generally,” Davies said.

Port of Tauranga led the market higher, up 3.4 percent at $7.33 on a volume of 183,300 shares, compared to its 112,000 average.

Davies said the port operator had been supported by news that the government was considering shifting Auckland’s downtown port operations and was trading at lofty highs.

“It’s one of those companies that all the analysts say are over-priced and have done for a while, but it keeps on going up,” Davies said.

Companies that have been beaten up in recent weeks were among today’s gainers. Tourism Holdings rose 2.9 percent to $3.15, Gentrack was up 1.9 percent at $3.78, and Sky Network Television increased 1.4 percent to 74 cents. Z Energy continued its recovery, up 1.6 percent at $4.41 on a volume of 1 3 million shares.

Restaurant Brands New Zealand rose for a second day after reporting solid quarterly sales growth. It was up 2 percent at $12.

Spark New Zealand was the most traded stock on a volume of 6.8 million shares, more than twice its average of 3 million. It dipped 0.1 percent to $4.245.

Meridian Energy posted the day’s biggest decline, down 2.1 percent at $4.86 on a volume of 2.6 million shares, while Contact Energy fell 1.2 percent to $7.14 with 1.7 million shares traded. The two companies were yesterday accused of over-charging for their electricity while spilling water from their South Island dams.

Mercury NZ fell 0.6 percent to $4.795 on a volume of 1.1 million shares, and Genesis Energy increased 0.7 percent to $2.95.

Of other companies trading on volumes of more than a million shares, Kiwi Property Group rose 1 percent to $1.53, Fletcher Building increased 0.2 percent to $5.30, Auckland International Airport was up 1.9 percent at $8.81, Precinct Properties New Zealand decreased 0.8 percent to $1.795, Fisher & Paykel Healthcare rose 0.7 percent to $21.80, Argosy Property fell 1.8 percent to $1.34, and Stride Property rose 1.8 percent to $$2.24.

Vital Healthcare Property Trust was up 0.6 percent at $2.685. The medical property investor said it planned a secondary listing on the ASX and a new capital structure to reduce its tax bill which would flow through to higher distributions.

Westpac Banking Corp fell 1.4 percent to $25.56 after the Australian lender acknowledged an Australian Prudential Regulation Authority investigation into its anti-money laundering policy failures. The bank has been ordered to raise its capital requirements by A$500 million and its risk governance will be extensively reviewed.

Australia & New Zealand Banking Group rose 0.4 percent to $26. The bank held its annual meeting in Brisbane today, and while it fielded criticism from the floor, it was far more amicable than Westpac’s meeting last week.

Outside the benchmark index, T&G Global decreased 0.7 percent to $2.95. The company warned annual profit would more than halve due to one-off restructuring costs and new lease accounting standards. It also bought Freshmax Group’s domestic business for $30 million.

Tags: Market Close

« NZ shares dip as NZX outage stops trading earlyNZ shares march higher as holiday trading takes hold »

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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 3.55 3.89
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 ▼4.65 ▼4.80 -
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 3.97 4.05 4.39
Kiwibank ▼5.15 4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.45 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 ▼4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 ▲3.55 3.89
Sovereign 5.30 3.89 4.05 4.39
Sovereign Special - 3.39 3.55 3.89
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 4.19 4.35 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society ▼5.50 ▼3.95 ▼4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.97 4.05 4.39

Last updated: 24 January 2020 8:55am

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