by BusinessDesk
The S&P/NZX 50 Index fell 19.3 points, or 0.2 percent, to 11,537.68. Within the index, 18 stocks fell, 27 rose, and five were unchanged. Turnover was $106.4 million, down on the $138 million daily average in December.
The local bourse was the only major benchmark index across Asia-Pacific to decline, with global investors upbeat that tense relations between the US and Iran won’t deteriorate. Hong Kong’s Hang Seng was up 1.1 percent in afternoon trading, Australia’s S&P/ASX 200 Index rose 0.6 percent and South Korea’s Kospi 200 Index gained 1.2 percent.
Tensions ratcheted up when US President Donald Trump ordered a fatal drone strike on Iranian General Qassem Soleimani last week.But investors have taken it as a good sign that violence hasn't escalated beyond Iran’s missile attack on two US military bases in neighbouring Iraq.
“There been a nice recovery in international markets overnight with a little bit more confidence now Iran and Trump seem to have settled down,” said Grant Williamson, a director at Hamilton Hindin Greene.
“The New Zealand market is very mixed, particularly among the blue-chip stocks with reasonable moves both ways.”
Meridian led the market lower, down 3.9 percent at $4.90 on a volume of 1.3 million shares, less than its 90-day average of 1.9 million. Ryman fell 2.6 percent to $16.35, Auckland Airport was down 2 percent at $9.01 and Fisher & Paykel Healthcare declined 1.8 percent to $21.50.
At the other end, Z Energy rose 2.2 percent to $4.60 with 1.1 million shares traded, Air New Zealand was up 2.1 percent at $2.96, and Kiwi Property Group advanced 2 percent to $1.56 with 1.4 million traded.
Infratil rose 1.7 percent to $5.30, a record close, and extended its gain this week since revaluing its 48 percent stake in CDC Data Centres by as much as $700 million.
Pushpay Holdings posted the day’s biggest gain on the benchmark index, up 3.4 percent at $4.30 with 156,000 shares traded, about a quarter of its 569,000 average.
Goodman Property Trust was the most traded stock with 3.2 million units changing hands, more than three times its daily average the past three months. The stock fell 0.9 percent to $2.23.
Among other stocks trading on volumes of more than a million shares, Spark New Zealand rose 0.6 percent to $4.55 and Metlifecare increased 0.2 percent to $6.87, still shy of the $7 takeover offer.
Williamson said Metlifecare’s scheme of arrangement won’t be voted on until April and a lot of people will want to invest elsewhere rather than wait until then.
Freightways rose 1.1 percent to $8.50. The courier operator is often seen as an economic bellwether and ANZ economists’ December Truckometer gauge indicated the local economic slowdown may have found a floor.
NZX rose 1.5 percent to $1.34. The stock market operator’s December metrics showed an increase in the volume and value of trading activity last month, and a greater amount of trading being done on the formal market.
Outside the benchmark index, Burger Fuel Group jumped 19.5 percent to 52 cents on a typically light volume of 6,857 shares, compared to its 3,045 average. The burger franchise operator said its licensee in Iraq decided to close its final store in Baghdad due to the threat of potential war.
| « Iranian missiles bring market down; Burger Fuel serves last burger in Iraq | NZ blue-chips lead market higher » |
Special Offers
No comments yet
Sign In to add your comment
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved