by BusinessDesk
The S&P/NZX 50 Index rose 46.45 points, or 0.4%, to 11,230.75. Turnover was $94.7 million.
Helping drive the market higher was the index's largest stock, Fisher & Paykel Healthcare, which rose 0.8% to $19.50.
Jeremy Sullivan, an investment adviser at Hamilton Hindin Greene, said swap rates had fallen modestly throughout the day, which was likely supporting the NZ market.
Swap rates climbed yesterday after the US Federal Reserve raised interest rates and signalled it had no plans to change its inflation-fighting strategy.
A2 Milk fell 1.5% to $5.90. It climbed 4.2% yesterday after securing regulatory approval to export infant formula to the United States.
Sullivan said the much more important regulatory decision was the renewal of its State Administration for Market Regulation (SAMR) registration, which allows it to export into the Chinese market.
Jarden reiterated a neutral rating today, but said there was a limited return opportunity.
“We acknowledge FDA approval is a positive milestone with the potential to move the existing US business to profitability and diversify current China concentration over time,” they wrote.
Formula manufacturer Synlait Milk held onto most of yesterday’s 2.3% share price gain, at $3.14, having been given a rating upgrade by some equity analysts this morning.
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Shares in Air NZ were unchanged at 81 cents today, after gaining almost 30% in the past three months. The national carrier today revealed its goal to fly a commercial zero-emissions flight by 2026.
It's working with Airbus and other possible providers to source a zero-emission replacement for its domestic fleet by 2030.
Fonterra Shareholders' Fund units increased 0.3% to $3.33 after Fonterra Australia agreed to settle a class action related to a price decrease in May 2016, to the tune of A$25 million (NZ$27.2m), avoiding a trial that was set to kick off this month.
Infratil shares rose 1.3% today, to $8.59, and are up more than 7% year-to-date. The infrastructure firm will report earnings and host an analyst call on Nov 15.
Pushpay Holdings was unchanged at $1.27 today, despite being subject to a takeover offer at $1.34.
The offer has been poorly received by some shareholders, who think it is too little considering the company has traded as high as $1.89 in the past 12 months.
The NZ dollar was trading at 57.71 US cents at 3pm in Wellington, up from 58.18 cents yesterday.
The trade-weighted index was at 69.88, from 70.08 yesterday.
BNZ strategist Nick Smyth said the US dollar strength remained the most important driver in the currency market, with the US Federal Reserve continuing to raise rates.
| « A2 jumps on US FDA deal; Fed hike sends other stocks lower | Prospect of an open China, US job data push market higher » |
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