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

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, March 28th, 10:13PM

Investments

rss
The Markets

NZ shares climb as global economy tipped for recover

New Zealand's main share index rose as investors were encouraged by the International Monetary Fund predicting a swifter and strong global economic recovery as vaccines are distributed.

Wednesday, April 7th 2021, 7:07PM

by BusinessDesk

The S&P/NZX 50 Index rose 87.11 points, or 0.7%, to 12,487.59. Within the index, 23 stocks rose, 22 fell, and five were unchanged. Turnover was $271 million.

Overnight, the International Monetary Fund lifted its forecasts for global growth now forecasting a 6% expansion in 2021, which would be the faster rate in decades.

“Global prospects continue to look up, buoyed by vaccine rollouts and the massive dollop of policy stimulus,” said Mark Smith, an economist at ASB Bank.

Smith said market movements in foreign markets were modest overnight, although major US stock indices were hovering near record highs.

Kiwi stocks with an international focus saw strong gains. Global exporter Fisher & Paykel Healthcare led the market higher, gaining 3.5% to $32.42, while A2 Milk was up 2.4% at $8.56.

US-focused church management platform Pushpay Holdings climbed 3.5% to $2.08, and Restaurant Brands – which has US stores – rose 3.4% to $13.35.

Renewable electricity generators recovered after a big sell down yesterday as investors predicted a share price fall when a clean energy index is reweighted later in the month.

Questions have since been raised about exactly how much of an impact the revised index will have.

Meridian Energy was up 2.3% to $5.37, Contact Energy rallied 2.2% to $6.94 and Mercury NZ rose 1.9% to $6.37.

The Global Dairy Auction overnight saw a repeat of the high price for whole milk powder, which is the main driver of Fonterra farmgate milk prices.

Fonterra Shareholders’ Fund dropped 4.4% to $4.58. The strong auction indicates demand for the product but also raises the input cost for the co-operative.

The kiwi dollar was trading at 70.56 US cents at 5pm in Wellington; little changed from 70.54 cents yesterday.

There was little economic news allowing another quiet session with risk appetite governing direction.

The soon-to-open travel bubble has been supportive for the kiwi as more tourism spending is likely to underpin further economic recovery.

The trade-weighted index was at 74.02 at 5pm, from 74.10 yesterday. The kiwi was trading at 92.18 Australian cents from 92.27, 77.47 yen unchanged from yesterday, 59.44 euro cents from 59.74 cents, 51.05 British pence from 50.70 pence, and 4.6153 Chinese yuan from 4.6199 yuan.

Tags: Market Close

« Renewable energy stocks begin final descentA2 helps NZ shares play catch up »

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
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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