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

NZ's Financial Adviser News Centre

GR Logo
Register free for JLL Future Cities Wellington here Dismiss
Last Article Uploaded: Sunday, April 11th, 9:09AM

Investments

rss
The Markets

Sharemarket rally pauses, but good gains for some stocks

New Zealand's main share index and the kiwi dollar both edged lower with investors hitting pause on a two-month strong run caused by buying risk assets in hopes of global economic recovery.

Thursday, December 10th 2020, 6:04PM

by BusinessDesk

The kiwi dollar was trading at 70.36 US cents at 5pm in Wellington, down from 70.52 cents yesterday.

The trade-weighted index was at 73.70 at 5pm, from 73.85 yesterday. The kiwi traded at 94.15 Australian cents from 94.87 cents, 73.47 yen from 73.45 yen, 58.17 euro cents unchanged from yesterday, 52.62 British pence from 52.72 pence, and 4.6035 Chinese yuan from 4.6022 yuan.

Pat Gilligan, a director at Forex Ltd, said the currency was just pausing for breath after being pushed higher by weakness in the US dollar throughout November.

On Dec. 4 the dollar briefly hit 71 US cents but has trended lower since, dipping down near 70 cents. 

“I don’t think the pause will last very long,” Gilligan said. “I don’t think it is anything other than a breather.”

Gilligan said the US dollar was still weak, the Reserve Bank had gently backed away from negative interest rates, and NZ was covid free. All factors helping the NZ dollar climb and reducing the earning power of local exporters.

“The kiwi has gone up 7 percent since the start of November. That overall theme of a weaker US dollar remains, unfortunately for New Zealand exporters,” he said.

US-focused exporter Fisher & Paykel Healthcare, down 0.9 percent at $31.79, was among the stocks pushing the benchmark equity index back from yesterday’s record high.

The S&P/NZX 50 Index fell 29.03 points, or 0.2 percent, to 12,860.37. Within the index, 25 stocks fell, 21 rose and four were unchanged. Turnover was $146.1 million.

Utility stocks that have been aggressively bid up as investors chase green infrastructure investments reversed some gains.

Meridian Energy led the market lower, falling 2.4 percent to $6.89, while Contact Energy declined 1 percent to $8.02 and Infratil — which leapt almost 20 percent yesterday — also dropped back 1 percent to $7.18.

Amid ongoing speculation about the AustraliaSuper takeover bid, Infratil-owned Trustpower continued to rally, climbing 2.6 percent to hit $8.05, while Tilt Renewables fell 8.6 percent to $5.04 — still almost a dollar higher than where it started the week. 

Oceania Healthcare posted the day’s biggest gain, advancing 3 percent to $1.32.

Outside the NZX 50, Michael Hill International jumped 10.5 percent to 63 cents after it said same-store sales for October and November were up 8.5 percent against last year.

The company now expects to deliver a half year earnings result “materially exceeding” the prior year’s first half result, $31.6 million, even before adding wage subsidies.

Aged care and retirement village provider Radius Residential Care today listed on NZX at 80 cents but is yet to be traded.

Tags: Market Close

« Infratil surge pushes NZX to new recordF&P Healthcare rises while energy stocks fall »

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
  • Are robots the future of advice?
    “Yeah/Nah another article talking financial advisers but really means to say financial planning... The bespoke needs of...”
    4 days ago by JPHale
  • [The Wrap] FSLAA isn't the only big change advisers need to be aware of
    “I watch with hope that FMA will decide to investigate potential and existing sharp practices that are nothing less than fraudulent,...”
    5 days ago by Chatterbox
  • Are robots the future of advice?
    “The majority of the 9,000 consumers surveyed globally said that they trust robots more than humans to help manage their personal...”
    5 days ago by All hat no cattle
  • Are robots the future of advice?
    “What a load of tripe - produced by someone with something to gain. The global experiment with RoboAdvice has demonstrated...”
    5 days ago by Pragmatic
  • Are robots the future of advice?
    “Of course Oracle would produce research supporting their products!! No surprise there. However, I doubt very much if serious...”
    5 days ago by dcwhyte
Subscribe Now

AM Update - Your morning business news update

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.29 2.59 2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 ▼3.40 ▲3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - ▲2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 2.79 3.15
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.80

Last updated: 7 April 2021 10:22am

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