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: Friday, March 29th, 10:40AM

Investments

rss
The Markets

US economic recovery boosts NZ shares

New Zealand shares followed US markets higher after better-than-expected earnings results by Apple and Facebook and strong economic data.

Friday, April 30th 2021, 6:02PM

by BusinessDesk

The S&P/NZX 50 Index rose 15.93 points, or 0.2%, to 12,731.13. Within the index, 25 stocks rose, 21 fell and four were unchanged. Turnover was $171.9 million.

Mark Smith, an economist at ASB Bank, said the combination of strong US data, the prospect of further stimulus and upbeat corporate earnings underpinned the broadly positive market sentiment.

Data showed US gross domestic product surged by an annualised 6.4% in the first quarter of 2021, fuelled by stimulus cheques to households. Some economists are predicting second quarter data could show a double-digit increase, he said.

This optimism eventually rolled through to an otherwise subdued NZ market, which closed higher after trading negatively throughout the afternoon.

Cinema software firm Vista Group International led the market higher, up 3.4% at $2.45 on very light volume. The firm has many customers in the United States, as does Pacific Edge, which rose 2.7% to $1.15.

Fuel retailer Z Energy continued to gain ahead of its annual report, which kicks off earnings season next Thursday.

Two leading equity research firms, Jarden and Forsyth Barr, are divided on whether the retailer will report in the high or low end of its earnings guidance respectively. Its stock price rose 1.9% to $2.68 on market today.

SkyCity Entertainment rose 0.9% to $3.58 after announcing it would offer up to $175m in six-year bonds to pay off bank debt.

The dual-listed casino and hotels operator is aiming to raise an initial $125m through the offer, with over-subscriptions accepted up to an additional cap of $50m. It currently has drawn $175m of its $628m bank facility.

New Zealand Rural Land Co said it had purchased 14 farms throughout South Canterbury and North Otago for $114m. These farms will then be leased back to their original owner with a rental agreement yield of 5%.

Grant Davies, an investment advisor at Hamilton Hindin Greene, said investors would be pleased to see the company buying assets and not just being a holding company.

Rural Land Co’s shares jumped following the announcement, rising 6.2% to $1.20 by market close. Allied Farmers, which manages investments for NZRLC, leaped 12.5% to 63 cents.

The kiwi dollar was trading 72.42 US cents at 5pm in Wellington, down from 72.61 cents yesterday.

“Month-end flows could be kicking currencies around for no fundamental reason,” said Jason Wong, an interest rate strategist at BNZ Bank.

The trade-weighted index was at 75.20 at 5pm, from 75.34 yesterday. The kiwi traded at 93.14 Australian cents from 93.17 cents, 78.82 yen from 78.88 yen, 59.77 euro cents from 59.84 cents, 51.94 British pence from 52.02 pence, and 4.6814 Chinese yuan from 4.6950 yuan.

Tags: Market Close

« Z Energy leads NZ shares higherWestpac Bank jumps 5%; NZ shares rise »

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