by BusinessDesk
The S&P/NZX Index increased 14.75 points, or 0.1 percent, to 10,490.73. Within the index, 28 stocks rose, 14 fell, and eight were unchanged. Turnover was $138.1 million.
Kathmandu rose 10.7 percent to 83 cents after it said it had begun to reopen its Australian stores after a month-long closure. The majority of Kathmandu and Rip Curl stores in New South Wales and Queensland have already reopened with robust safety protocols in place and the remaining stores are expected to reopen by the end of this week.
“Analysts were largely pricing in an indefinite ‘on hold’ for this financial year, so to be opening up towards middle of May adds six weeks of sales that analysts had already written off,” chief market strategist at CMC Markets Michael McCarthy said.
While stores in New Zealand and other jurisdictions remain closed, they too will begin to reopen as governments allow.
New Zealand’s Cabinet is expected to decide on Monday when the country will move to alert level 2. Today was the second day with no new virus cases reported, which buoyed investor expectations of a further opening of the economy.
Prime Minister Jacinda Ardern joined the Australian National Cabinet today to plan the opening of a travel route between the countries "as soon as it is safe to do so."
Ardern had already suggested domestic travel may be permitted at level 2 and tourism operators have said a trans-Tasman bubble will be key to medium-term survival.
Tourism Holdings rose 3.1 percent to $1.35 and Auckland International Airport rose 0.2 percent to $5.86. Air New Zealand fell 1.6 percent to $1.25.
Pushpay Holdings increased 5.8 percent to $4.55 after Chinese fintech giant Tencent yesterday bought a 5 percent stake in Australian buy now, pay later firm Afterpay, boosting investor confidence in fintech products, McCarthy said. Pushpay is due to report annual earnings tomorrow.
Smartpay Holdings also gained 2.7 percent to 38.5 cents.
Outside the benchmark index, Augusta Capital said it plans to raise $45 million through both a placement to institutions and an accelerated rights issue, both of which are deeply discounted and fully underwritten by Forsyth Barr and Jarden. Its shares are on a trading halt at 80 cents.
The property company's erstwhile suitor, ASX-listed Centuria Capital, has agreed to participate in the capital raising and will get a seat on Augusta's board.
Genesis Energy rose 2.7 percent to $2.905, Meridian Energy advanced 1.8 percent to $4.47 and Contact Energy increased 0.2 percent to $6.20.
Fuel retailer Z Energy rose 3 percent to $3.12 and Refining NZ held at 90 cents.
Trading on the New Zealand securities exchange surged in April as investors bought into the crater left behind by the market’s history-making plunge in late March.
The number of equity trades was up more than 360 percent at 1.3 million, with an increase in low-value trades cutting the average on-market trade size in half – to $2,463. Stock market operator NZX shares rose 0.8 percent to $1.27
Healthcare wholesaler EBOS rose 0.8 percent to $22.18 after presenting at the Macquarie Australia Conference affirming its strong increase in sales during the pandemic. Fisher & Paykel Healthcare fell 1.2 percent to $27.80.
Gentrack Group posted the day's biggest decline, down 2.7 percent at $1.43.
| « NZ shares rise in late rally as blue chips gain | NZ shares rise as Pushpay climbs to new heights » |
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