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Last Article Uploaded: Tuesday, September 21st, 6:41PM

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The Markets

NZ shares break losing streak

NZ shares made broad gains with almost all stocks climbing as investors bought heavily sold stocks as market interest rates fell slightly.

Monday, May 31st 2021, 6:06PM

by BusinessDesk

The S&P/NZX 50 Index rose 121.84 points, or 1%, to 12,304.09. Within the index, nine stocks fell and 39 rose.

The index finished last week down almost 9% year-to-date after having just five positive days in the past month - meanwhile US indices gained 1-to-2% across the past week and are up more than 10% this year.

This week investors seemed to sense opportunity and sent the vast majority of stocks up in a broad-based rally.

Port of Tauranga led the market higher, jumping 3.9% to $7.49. Tourism Holdings climbed 3.6% to $2.58, followed by Pacific Edge which climbed 3.6% to $1.19 - just below its record high.

In the domestic rates market, bond yields and swap rates moved lower as traders digested the Reserve Bank of New Zealand’s plan to slowly begin to raise rates from next year.

Electricity generators were all stronger: Contact Energy rose 2.2% to $7.90, Genesis Energy climbed 2.1% to $3.44, and Meridian Energy was up 1.6% at $5.53.

ANZ’s business outlook survey for May was positive compared to April, with business confidence up 4 points at a net 1.8% and firms’ own activity outlook up 5 points to 27.1%.

Fisher & Paykel Healthcare bounced from a three-month low, recovering 2% to reach $29.79. The stock was sold down after the exporter declined to give any forward guidance.

Dairy firms were among the handful of stocks that failed to make gains.

A2 Milk Company today said it was aware of reports about a potential class-action suit that may allege the company breached continuous disclosure rules by not giving earnings downgrades sooner.

The milk marketing firm said it had complied with all applicable disclosure obligations but its shares declined 0.3% to $5.86.

Synlait Milk shares slipped 1% to $3, after lifting its 2020-21 milk payout forecast $7.55 per kilogram of milk solids, up from $7.20 kgMS.

“Commodity prices have continued to outperform our expectations, predominantly due to strong Chinese demand, combined with a relatively stable FX rate, meaning we are pleased to increase our forecast for this season and next,” said chief executive John Penno.

The kiwi dollar was trading at 72.52 US cents at 3pm in Wellington, down from 72.77 cents last Friday.

The trade-weighted index was at 75.21 at 3pm, from 75.51. The kiwi traded at 93.88 Australian cents from 93.96 cents, 79.56 yen from 79.98 yen, 59.44 euro cents from 59.73 cents, 51.08 British pence from 51.30 pence, and 4.6157 Chinese yuan from 4.6399 yuan.

Tags: Market Close

« NZX 50 has fallen 8.5% this yearNZ shares climb as dairy stocks float amid flooding »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 ▲2.85 ▲3.25 3.55
ANZ 4.44 ▲3.20 ▲3.59 ▲4.00
ANZ Blueprint to Build 1.68 - - -
ANZ Special - ▲2.60 ▲2.99 ▲3.40
ASB Back My Build 1.79 - - -
ASB Bank 4.45 ▲2.85 ▲3.25 3.55
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▲2.85 ▲3.25 ▲3.55
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 ▲3.45 ▲3.85 ▲4.15
BNZ - TotalMoney 4.55 - - -
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 5.95 - - -
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 2.25 1.85 2.35 2.65
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.35 2.75 3.05
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 3.50 3.74 4.34
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 2.65 2.89 3.49
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 2.99 3.39 3.59
SBS Bank Special - 2.49 2.89 3.09
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The Co-operative Bank - First Home Special - 2.35 - -
The Co-operative Bank - Owner Occ 4.40 2.55 2.95 3.39
The Co-operative Bank - Standard 4.40 3.05 3.45 3.89
TSB Bank 5.34 3.35 ▲3.75 ▲4.05
TSB Special 4.54 2.55 ▲2.95 ▲3.25
Wairarapa Building Society 4.99 3.55 3.49 -
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Westpac 4.59 ▲3.45 ▲3.85 4.09
Westpac - Offset 4.59 - - -
Westpac Special - ▲2.85 ▲3.25 3.49
Median 4.54 2.92 3.25 3.49

Last updated: 20 September 2021 8:55am

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