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, February 26th, 6:34PM

Investments

rss
The Markets

NZX leads market lower as inflation figures loom

Stock market operator NZX led the S&P/NZX 50 index lower as investors pondered whether inflation data tomorrow would slow the central bank’s aggressive rate hike cycle.

Tuesday, January 24th 2023, 6:14PM

by BusinessDesk

The benchmark index slipped 15.8 points, or 0.1%, to 11,932.92. Across the main board, 61 stocks fell, 70 rose and 53 were unchanged. Turnover was $110.6 million.

NZX fell 2.3% to $1.27 as the local stock market dipped into negative territory late in the trading session, ignoring a strong lead from the US where tech stocks helped boost the Nasdaq and in Australia where energy and mining stocks were buoyed. 

That comes ahead of the December quarter consumer price index tomorrow, which is expected to show a slowing annual pace of inflation. Still, analysts remain unsure whether that will slow the Reserve Bank’s aggressive hiking policy that is set to lift the official cash rate to 5.5% by the September quarter of this year. 

The kiwi dollar was unchanged at 64.90 US cents at 3pm in Wellington from yesterday, but was weaker against its Australian counterpart, falling to 92.26 Australian cents from 92.89 cents. 

Exporters were among other stocks pacing the decline on the benchmark index. Pacific Edge fell 2% to 92 cents and Fisher & Paykel Holdings declined 0.6% to $25.20.

Ryman rose 5.7% to $6.10 on a larger volume than usual of 2.7 million shares, clawing back some of its losses over the past 12 months as investors started questioning its level of debt. A slowing housing market has also weighed on the retirement village operator and developer. 

“Ryman has been long overdue a recovery – it was a bit oversold down below $6,” said Grant Davies, an investment adviser at Hamilton Hindin Greene. 

Davies said tomorrow’s inflation data continue to hang over Ryman and other retirement village operators. 

“That’s going to have a big bearing on interest rates and that’s the main thing pulling these property stocks,” he said. 

Summerset Group rose 2% to $9.89 and Arvida Group advanced 1.8% to $1.14. 

Serko extended its rally after yesterday’s upgraded outlook, rising 6.7% to $2.40. The travel software developer’s price target was upgraded by Citi on the news, and followed a tech rally on the US Nasdaq overnight. 

Davies said the company was also benefiting from the revival of international tourism, which was recovering faster than some had predicted when NZ reopened its borders last year. 

Auckland International Airport figures showed international passenger numbers in resort town Queenstown were back above pre-covid levels. The airport operator declined 0.5% to $8.41, while rental campervan operator Tourism Holdings rose 0.8% to $3.73. 

National carrier Air NZ was unchanged at 79.5 cents after saying it would add another weekly flight to Shanghai as China relaxed its borders. 

Kiwi Property Group increased 0.5% to 92.5 cents after saying its shopping centres enjoyed strong custom through 2022. The Warehouse Group increased 0.4% to $2.61 while Briscoe Group declined 1.7% to $4.60. 

AFT Pharmaceuticals rose 2.4% to $3.80 after agreeing a licensing and distribution deal for nine countries in eastern Europe. 

Contract labour and recruitment firm Accordant Group dropped 4% to $1.70 in very light trading after saying it would buy executive search firm Hobson Leavy for an undisclosed sum. 

Auckland Real Estate Trust was unchanged at 93 cents after it announced plans to delist.

Tags: Market Close

« Serko jumps up as NZ market edges downNZ market edges up as CPI data remains stable »

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 - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼7.29 ▼6.85 ▼6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.89 ▼7.45 ▼7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 26 February 2024 9:10am

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