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

Lockdown 'net positive' for NZ sharemarket

New Zealand’s benchmark equity index finished the day almost unchanged having risen 1.6% across the week driven by good earnings results and an extended period of low-interest rates.

Saturday, August 21st 2021, 9:13AM

by BusinessDesk

The S&P/NZX 50 Index fell 16.48 points, or 0.1%, to 12,940.49. Turnover was $163 million.

General manager of CMC Markets NZ, Chris Smith said while the index dipped today it had been a strong week with stocks such as Chorus, Fisher & Paykel Healthcare, and A2 Milk driving the gains.

Meal-kit company My Food Bag was one of the best performers today, closing up 4.5% at $1.38 – having traded as high as $1.43 – as investors bet it would benefit from the extended lockdown.

Briscoe Group was another stock that ultimately saw increased demand after the previous lockdown, it climbed 3.5% to $6.21.

“Lockdown certainly was a net positive for stocks,” Smith said.

Smith said the lockdown was “certainly a net positive” even for stocks that don’t benefit from it, as the covid outbreak stopped the RBNZ from hiking interest rates as it had planned. 

“Every bank was forecasting rates to move higher, so to see the official cash rate on hold certainly lifted the spirits of equity investors,” he said.

The exception is travel stocks which have been hit once again. Tourism Holdings and Air New Zealand will both finish the week down almost 4%, at $2.31 and $1.42 respectively.

Skycity Entertainment has dropped almost 6% to $3.04 after unknowingly hosting a covid case in its Auckland casino on the weekend.

All Skycity’s NZ locations are closed, at least until midnight next Tuesday when alert levels will be reviewed by the government.

Vista Group International climbed 1.4% to $2.18 today on the news it had has signed a three-year agreement with British multinational cinema operator Vue International to use its campaign management and data analytics platform.

Vue, which also operates in Taiwan, has 226 sites with 1,997 screens in nine countries.

The kiwi dollar was trading at a nine-month low of 68.15 US cents at 3pm in Wellington, down from 68.52 cents yesterday.

Global traders were selling commodity currencies and risk assets on growing concern of slow economic growth that saw oil prices plunge to their lowest level since May.

This added to weakness in the currency after the RBNZ chose to defer their rate hikes, although simultaneously it warned the market the increases would still have to come at some stage. 

The trade-weighted index was at 73.13, from 73.30 yesterday. The kiwi traded at 95.56 Australian cents from 94.99, traded at 74.75 yen from 75.44 yen, 58.35 euro cents from 58.64 cents, 50.02 British pence from 49.91 pence, and 4.4309 Chinese yuan from 4.4483 yuan.

Tags: Market Close

« Chorus shares lift as ComCom values its assetsZ Energy pushes NZX 50 above 13,000 points »

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