NZX50 rises as consumer confidence remains poor
New Zealand's share market managed to edge up on Tuesday with a lack of market leads with US markets closed for the Juneteenth holiday.
Tuesday, June 20th 2023, 6:36PM
by BusinessDesk
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The S&P/NZX 50 Index rose 38.6 points, or 0.3%, to 11,789.370. Turnover on the entire market was $129.8 million with 68 stocks rising and 52 falling.
The latest data pointed to continued brakes being put on economic growth with the quarterly Westpac McDermott Miller Consumer Confidence index indicating NZ households will pull back on spending in the coming months. The index rose 5.4 points in the June quarter to 83.1.
Devon Funds head of retail Greg Smith said the index had held positives and negatives but there were “more pessimists than optimists”.
“The survey basically showed that 40% of households say they've gone backwards over the past year,” he said. “That's not really surprising.”
Westpac ended the day up 2% to $23.72. Smith said there was no real theme to the day, with the market a mixed bag of big and small stocks making movements.
Investore Property was up 2.2% to $1.38 and Vital Healthcare Property Trust rose 1.1% to $2.34. Kiwi Property Group edged up 0.6% to 90.5 cents and Property for Industry was up 0.4% to $2.385.
Goodman Property Trust rose 0.2% to $2.185 while Argosy Property was flat at $1.12 per share.
My Food Bag lost some of its recent gains and was down 3% to 19.4 cents back and cinema tech group Vista – which got a stock movement query from NZ RegCo on Monday – fell 1.2% to $1.69.
Summerset Group Holdings jumped 2.6% to $9.40 while Ryman Healthcare was up 0.8% to $6.47.
Fisher & Paykel Healthcare rose 1.2% to $24.53. A2 Milk slipped 1.9% to $5.58.
Index heavyweight Mainfreight edged down 0.8% to $71.70. Software firm Task Group – formerly known as Plexure slumped 6.3% to 45 cents.
Pacific Edge fell 4.4% to 8.7 cents.
On the currency front, the NZ dollar was trading at 61.85 US cents at 3pm in Wellington, from 62.20 cents on Friday.
| « NZ sharemarket edges down as investors mull over last week’s data | NZ market edges down as companies issue bad news » |
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