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

Surge leads to biggest single-day rise in NZ sharemarket

The blue-chip stocks picked up a head of steam as the New Zealand sharemarket recorded its biggest single-day rise in nearly a year with a surge of more than 1.7%.

Thursday, November 2nd 2023, 6:33PM

by BusinessDesk

The S&P/NZX 50 Index had another strong afternoon after reaching a morning low of 10,850.92 and closed at 11,044.44, increasing 193.52 points or 1.78%. 

The previous biggest single-day gain was 1.98% on Nov 11 last year. The index has now risen 2.80% over the past three trading days.

There were 94 gainers and 36 decliners over the whole market on volumes of 30.25 million share transactions worth $86.86m.

Shane Solly, portfolio manager with Harbour Asset Management, said: “There was a lot of green on the screen, and we haven’t seen that for a long time.

“The pricing of the New Zealand market has gone back to better levels in terms of valuation over the past few months, and it feels like some people are allocating capital back into the market.

“Certainly, a positive tone is emerging, and we may have seen the peak in long-term interest rates, with bond yields continuing to ease.”

The NZX followed another strong day on Wall Street after the US Federal Reserve held interest rates at present levels for the second straight time. The Fed funds rate remains in the range of 5.25-5.5%, albeit at a 22-year high, and chair Jerome Powell said monetary policy was sufficiently restrictive.

The Dow Jones Industrial Average was up 0.67% to 33,274.58 points; the S&P 500 increased 1.05% to 4237.86; and the Nasdaq Composite rose 1.64% to 13,061.47.

Across the Tasman, the S&P/ASX 200 Index had risen 0.86% to 6896.9 points at 6pm NZ time.

At home, Mainfreight continued its strong recovery, rising $1.75 or 3% to $60.10; Ebos Group was up $1.13 or 3.16% to $36.90; Fisher and Paykel Healthcare gained 40c or 1.9% to $21.50; and Spark added 45c to $5.07.

Chorus rose 30c or 4.23% to $7.39; Auckland International Airport was up 23c or 3.09% to $7.68; Fletcher Building gained 8c or 1.85% to $4.40; and a2 Milk increased 7c to $4.27.

Energy stock Meridian was up 8c to $4.97; Mercury surged 31.5c or 5.55% to $5.99; Genesis added 6.5c or 2.81% to $2.375; and Contact gained 4c to $7.91.

Leading bank ANZ Group gained 59c or 2.17% to $27.79, and Westpac rose 57c or 2.52% to $23.23.

The property sector also recovered. Vital Healthcare Trust increased 5c or 2.56% to $2; Argosy was up 2.5c or 2.38% to $1.075; Investore rose 5c or 4.27% to $1.22; Kiwi gained 2.5c or 3.25% to 79.5c; and Precinct added 2.5c or 2.26% to $1.13.

Briscoe Group gained 2c to $4.49 after reporting a 2.37% increase in third-quarter sales to $179.7m, with homeware gaining 1.32% to $109.1m and sporting goods 4.05% to $70.6m. Briscoe remained cautiously optimistic heading into the crucial final quarter. Total sales for the 39 weeks ending Oct 29 were $548.9m, up 1%.

Other gainers were Channel Infrastructure, up 4c or 2.8% to $1.45; Tourism Holdings, adding 8c or 2.45% to $3.35; and PaySauce, up 1.7c or 9.29% to 20c.

Transport and logistics software firm TradeWindow declined 2c or 7.55% to 24.5c after announcing another restructure involving 80 staff and full-year revenue guidance of $6m-$6.5m, down from the previous $7m-$8m. 

Other decliners were Restaurant Brands, decreasing 18c or 4.7% to $3.65; Allied Farmers, shedding 4c or 5% to 76c; and 2 Cheap Cars, down 5c or 6.67% to 70c.

 

Tags: Market Close

« NZ sharemarket rebounding stronglyNZ sharemarket marks four days of rises »

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