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

NZ's Financial Adviser News Centre

GR Logo
Obituary - Highly respected adviser moves on READ ON Dismiss
Last Article Uploaded: Wednesday, September 29th, 7:24AM

Investments

rss
The Markets

Big growth stocks lead NZ shares higher

The NZX’s biggest growth stocks moved higher on Monday despite there being little news to propel the stocks.

Monday, August 2nd 2021, 6:56PM

by BusinessDesk

The S&P/NZX 50 Index rose 108.45 points, or 0.9%, to 12,702.97. Turnover was light with $107 million traded.

Shares in global logistics firm Mainfreight led the market higher, as it rallied another 3.5% to $84.88. On Friday, Jarden analysts added $10 to their target price which now sits at $85.

The upgrade followed better-than-expected earnings in the first 17 weeks of its financial year and reflected its “strong balance sheet and attractive long-term growth opportunities in large addressable markets”.

Fisher & Paykel Healthcare climbed 2.7% to $32.40, while A2 Milk rose 2.7% to $6.39. Both are large growth stocks, benefitting from positive market sentiment.

Investment advisor at Hamilton Hindin Greene, Grant Davies said there had been little news to drive the market higher, but investors seemed to be positive about the growth outlook.

“There are just as many stocks going down as up today, but those going up are the big caps,” he said.

It wasn’t all good news, with Genesis Energy falling 1.6% to $3.375 after it told the market to brace for a $53 million one-off hit to operating earnings.

The cost is due to a surprise loss in a dispute over liability for carbon emissions produced by natural gas bought from one of its suppliers.

It will mean Genesis’s emissions obligations will increase forcing it to use more emissions trading scheme units, which it says will come from its existing stockpile.

The electricity generator also announced a conditional 20-year electricity offtake agreement with Tilt Renewables which will allow for a wind farm to be built near Dargaville in Northland.

The Kaiwaikawe windfarm will reduce carbon emissions from Genesis’ thermal generation by an estimated 180,000 tonnes per annum.

Stock market operator NZX had the day’s worst performance, falling 3.1% to $1.86. Davies said recent metrics had shown signs that the pandemic trading boom was slowing.

The kiwi dollar was trading at 69.63 US cents by 3pm in Wellington, down from 70.01 cents on Friday.

The trade-weighted index was at 73.90 at 3pm, from 74.13 on Friday. The kiwi traded at 94.91 Australian cents from 94.74 cents, 76.39 yen from 76.64 yen, 58.70 euro cents from 58.92 cents, 50.12 British pence from 50.18 pence, and 4.5012 Chinese yuan from 4.5218 yuan.

Tags: Market Close

« NZ shares surrender yesterday’s gainLogistics stocks led NZ shares marginally lower »

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

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

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 ▲2.45 ▲2.85 ▲3.15
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 ▲3.80 ▲4.00 4.34
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 ▲2.95 ▲3.15 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
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▲2.65 - -
The Co-operative Bank - Owner Occ 4.40 ▲2.85 ▲3.25 ▲3.49
The Co-operative Bank - Standard 4.40 ▲3.35 ▲3.75 ▲3.99
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 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 3.45 3.85 4.09
Westpac - Offset 4.59 - - -
Westpac Special - 2.85 3.25 3.49
Median 4.54 2.95 3.25 3.49

Last updated: 28 September 2021 9:12am

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