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The Markets

NZ sharemarket follows international leads

Investor sentiment suddenly changed offshore – consumer confidence is high in the United States – and the New Zealand sharemarket joined the party with a three-quarter percent gain.

Wednesday, June 28th 2023, 6:20PM

by BusinessDesk

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The S&P/NZX 50 Index kept climbing throughout the afternoon and closed at 11,733.46, up 84.25 points or 0.72%.

There were 91 gainers and 36 decliners over the whole market on increased volumes of 35.03 million share transactions worth $131.82m.

Paul Robertshawe, chief investment officer with Octagon Asset Management, said the local market had a positive vibe. 

“Investors have been watching it drift down for a while and buyers have come back," he said.

“There were two minor pieces of economic data in the US and they beat consensus and gave the market hope. I was a bit surprised how robust the markets were and it’s not all gloom and doom – maybe manufacturing there is at a bottom."

US durable goods orders and new home sales for May were higher than expected, and consumer confidence reached its highest level since January last year, easing fears of an impending recession.

Investors poured back into technology stocks with the Nasdaq Composite rising 1.65% and is now up 29.5% for the year. The Nasdaq is on track for its best first-half trading in 40 years.

Apple and Nvidia, driven by artificial intelligence and machine learning, reached record highs after increasing 1.51% to US$188.06 (NZ$307.35) and 3.06% to US$418.76 respectively. 

Tesla was up 3.8% to US$250.21 and Microsoft gained 1.82% to US$334.57.

Across the Tasman, the S&P/ASX 200 Index was up 1.23% to 7205.9 points at 6pm NZ time.

Back in NZ

At home, Fisher and Paykel Healthcare was up 23c to $23.99; Freightways recovered 22c or 2.44% to $8.40; Ebos Group gained 55c to $36.50; Auckland International Airport collected 8c to $8.46; and Fletcher Building increased 16c or 3.1% to $5.32 on trade worth $14.9m.

Oceania Healthcare was up 4c or 5.41% to 78c and Arvida Group gained 2c to $1.20 as government funding for aged care beds increases next week.

Robertshawe said Oceania and Arvida have the highest amount of care beds amongst the retirement village operators. They are quite leveraged to that and the 8-9% increase in funding is a boost to them.

Ryman Healthcare was up 7c to $6.55; Summerset Group gained 10c to $9.45; and Radius Residential Care improved 1c or 4.88% to 21.5c.

Serko increased 4c to $3.60 after telling shareholders at the annual meeting that it has had a strong start to the 2024 financial year and still expects revenue of $63m-$70m and spending of $86m-$90m. It has cash of $88m and no debt.

ANZ Bank increased 76c or 3.09% to $25.38; Scott Technology gained 10c or 3.28% to $3.15; Comvita was up 7c or 2.55% to $2.82; and Seeka added 9c or 3.64% to $2.56.

Carbon Fund recovered 6c or 5.04% to $1.25; Rakon increased 4c or 4.49% to 93c; and Winton Land was up 5c or 2.7% to $1.90.

Goodman Property Trust was up 2c to $2.20 after telling shareholders at the annual meeting it has increased its cash earnings 6.6% to $99.6m or 7.1c per unit this year – 3% higher than its original guidance.

Goodman expects a further 4% increase in cash earnings to 7.4c a unit because of high occupancy levels, growing rental rates, new development completions and acquisitions.

The property sector had a stronger day, increasing 0.89% on the NZX market. Precinct Properties was up 2c to $1.285; Kiwi Property gained 2.5c or 2.86% to 90c; Vital Healthcare Trust added 1.5c to $2.335, while Investore was down 2c to $1.25.

Skellerup decreased 8c to $4.51; Gentrack declined 16c or 3.78% to $4.07; NZME fell 4c or 4.17% to 92c; and Sky TV shed 6c or 2.5% to $2.34.

Synlait Milk shed 3c or 1.81% to $1.63; CDL Investments was down 2c or 2.47% to 79c; and Cooks Coffee declined 2.5c or 9.09% to 25c.

Transport software firm Eroad, down 1c to $1.23, has seen nearly 13% of its shares change hands since Ontario-based Volaris Group indicated it was making a takeover bid at $1.30 per share.

Mitsubishi UFJ Financial Group, Commonwealth Bank of Australia and Colonial First State Investments have reduced their Eroad holdings by more than a half to just above 3% each. Australian Ethical Investment now holds 6.15% instead of 8.39%, and Volaris through Brillian APAC has a 17.73% stake.

Robertshawe said the arbitrage players might be thinking there will be a higher bid for Eroad, though that could still be weeks or months away.

Tags: Market Close

« Investors slumber as stocks move with no apparent rhyme nor reasonNZ sharemarket lifts on brighter economic news »

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