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: Monday, May 23rd, 11:19AM

Investments

rss
The Markets

Pushpay leads NZ shares higher

New Zealand's sharemarket finished the week up more than 2.5% as equity markets begin to recover from Ukraine crisis lows.

Friday, March 18th 2022, 6:44PM

by BusinessDesk

The S&P/NZX 50 Index rose 176 points, or 1.5%, to 12,175.85 today.

Turnover was $677 million, with an extended trading session allowing the quarterly rebalance of the S&P/NZX and FTSE Russell Indices.

US markets had another positive session overnight, although things remain volatile.

Greg Smith, head of retail at Devon Funds, said the US Federal Reserve’s warning it may hike rates six times this year was a vote of confidence in a rebounding economy.

“Rate rises per se are not necessarily something to be feared by equity investors, which we can see by looking back at previous tightening initiatives,” he said.

For example, he said the Fed raised rates 17 times between 2004 and 2006, and the S&P 500 rose more than 10% over the period.

Pushpay Holdings led the index higher, up 7.3% at $1.17, as it followed US stocks higher and as investors responded to positive analyst notes.

Equity analysts were reassured by the company tightening its earnings guidance this week and reiterated the long-term outlook for the company was still promising – even if it was taking a little longer to get there.

Other growth stocks also recovered some ground, Pacific Edge was up 2.2% at 93 cents and Sky Network Television was up 2.3% at $2.71.

Vista Group International fell 2.7% to $1.80 and Serko was down 0.7% at $4.60.

Harbour Asset Management bought another $13m of Serko shares this week, bringing its stake in the company to just under 9%. 

The fund manager has previously said it was using the market weakness to expand its positions in some companies.

Fletcher Building had the day’s biggest fall, dropping 2.3% to $6.32.

Travel stocks were mixed as the border opening rally ran out of steam. Auckland International Airport was still moving higher, up 6% at $7.93, while Air New Zealand stalled and fell 0.7% to $1.42.

Someone associated with the airline tipped off Australian media that UBS, Citi and Forsyth Barr would oversee the $1.1 billion to $1.2 billion raise before the end of the month.

Air New Zealand declined to comment when approached by BusinessDesk.

Stock market operator NZX recovered 2.2% to $1.40, after its own capital raise had an underwhelming response from investors amid market volatility.

The NZ dollar gained more ground against the US dollar, trading at 68.93 at 3pm in Wellington up from 68.43 yesterday.

Tina Teng, an analyst at CMC Markets, said the kiwi was strengthened by optimism for a forward border reopening plan by the government.

Tags: Market Close

« Markets buoyed by Russia/Ukraine peace talksNZ shares flat as market stabilise »

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 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 4.29 5.09 5.35
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 5.14 ▼5.79 6.15
TSB Special 4.79 4.34 ▼4.99 5.35
Unity 5.65 4.80 5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

Last updated: 19 May 2022 10:42am

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