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, August 15th, 12:54PM

Investments

rss
The Markets

NZ shares start second half of the year more positively

New Zealand’s benchmark share index rose on Monday thanks to positive sentiment flowing through from US markets over the weekend.

Monday, July 4th 2022, 6:12PM

by BusinessDesk

The S&P/NZX 50 Index rose 109 points or 1.02%, to 10,862.340. Turnover was on the light side at $97.5 million.

Devon Funds head of retail Greg Smith said investor attention remained “very much focused” on the scope of interest rate tightening that was necessary to address multi-decade inflation highs – as well as the economy’s ability to withstand this process.

Smith said Sky City Entertainment stood out as the biggest decliner of the day, falling 4.1% to $2.81. He said the fact that SkyCity's Adelaide casino was facing an independent review was probably behind the decline as the stock had performed well during June.

Travel stocks like Air NZ and Auckland International Airport were up today which Smith put down to loosening borders and the uptick in travel.

He said Air NZ had been under “significant pressure” since its capital raise, so it was good for the airline the borders were continuing to open back up to full capacity and put the airline in a more commercially favourable position.

“The main problem continues to be the price of oil,” he said. “That's a big cost to the airlines.”

Air NZ shares were up 5.1% to 61.5 cents today and Auckland International Airport also rose 1% to $7.33.

Last week, Tourism Holdings told the NZX it was willing to sell some assets to clear the path for its acquisition of Apollo Tourism & Leisure.

Today, Forsyth Barr head of research Andy Bowley said the “new deal” was less attractive but had a better chance of being approved by the Commerce Commission.

“The key question for investors is whether or not it is better than no deal,” he wrote in a note.

Eroad shares which have been slammed over the past year were flat at $1.47 per share at the end of the day while pharmaceutical company Ebos – which was down 3% to $37.81 on Friday – rose 0.5% to $38.01.

Pushpay Holdings was down just 0.8% to $1.20 today after falling 4.7% on Friday.

Health and skincare company Me Today was also up 8.3% to 13 cents after announcing to the NZX this morning that it had placed $750,000 of the shortfall arising from its rights issue – bringing the total capital raised to approximately $7.5m.

The company said the shortfall placement was completed by capital markets advisory firm CM Partners and the new shares arising from the placement will be allotted on July 6.

The NZ dollar was trading at 62.07 US cents at 3pm in Wellington, down from 62.30 cents yesterday. The trade-weighted index was at 70.48, from 70.48 yesterday.

Independent treasury adviser Peter Cavanaugh said the kiwi was “hanging in there” as investors waited nervously to see what happened this Wednesday onwards. This is due to US markets being closed tomorrow as the country celebrated Independence Day and the Australian central bank announcing its next monetary policy decision.

“There's a lot of people in the market concerned that if the NZ dollar manages to sustain a fall below 60 cents, then you're looking at some very ugly numbers,” he said.

“The kiwi is always going to be like a cork on the waves of global sentiment,” Cavanaugh said.

Tags: Market Close

« NZ stock market finishes first half of 2022 down 18%Strong day on sharemarket »

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 6.35 5.25 5.45 5.99
ANZ 6.34 5.59 6.05 6.29
ANZ Blueprint to Build - - - -
ANZ Special - 4.99 5.45 5.69
ASB Bank 6.35 ▼4.99 5.45 5.69
Avanti Finance 6.65 - - -
Basecorp Finance 7.25 - - -
Bluestone 6.89 - - -
BNZ - Classic - 4.95 5.39 5.69
BNZ - Mortgage One 6.39 - - -
BNZ - Rapid Repay 6.39 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 6.39 5.55 5.99 6.29
BNZ - TotalMoney 6.39 - - -
CFML Loans 7.25 - - -
China Construction Bank - 5.35 5.80 5.99
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 4.89 - -
Co-operative Bank - Owner Occ 6.25 4.99 5.39 ▼5.69
Co-operative Bank - Standard 6.25 5.49 5.89 ▼6.19
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 5.35 5.85 -
Heartland Bank - Online 4.60 ▼4.79 ▼5.15 ▼5.14
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.50 5.60 6.00 -
HSBC Premier 6.34 5.09 5.34 5.59
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.00 ▼4.79 5.15 ▼5.69
Kainga Ora 5.85 5.31 5.58 5.97
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 6.00 5.95 6.45 ▼6.59
Kiwibank - Offset 6.00 - - -
Kiwibank Special - 4.95 5.45 ▼5.69
Liberty 4.84 - - -
Lender Flt 1yr 2yr 3yr
Nelson Building Society ▲6.95 5.55 6.15 -
Pepper Money 5.29 - - -
Resimac 5.59 6.54 6.44 6.98
SBS Bank 6.29 ▼5.39 ▼5.79 5.99
SBS Bank Special - ▼4.89 ▼5.29 5.49
Select Home Loans 6.89 - - -
TSB Bank 7.05 5.65 6.09 6.39
TSB Special 6.25 4.85 5.29 5.59
Unity 5.65 4.95 5.55 -
Wairarapa Building Society 6.49 5.55 6.15 -
Westforce credit union - Special - 5.35 5.85 -
Lender Flt 1yr 2yr 3yr
Westforce credit union - Standard 5.85 6.05 6.55 -
Westpac 6.39 5.55 6.05 6.29
Westpac - Offset 6.39 - - -
Westpac Special - 4.95 5.45 5.69
Median 6.34 5.33 5.79 5.83

Last updated: 15 August 2022 8:19am

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