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: Thursday, December 12th, 10:37PM

Investments

rss
The Markets

NZ sharemarket marks four days of rises

The re-energised New Zealand sharemarket made another significant gain on a lively day featuring a $150 million takeover offer for MHM Automation, one of the country’s oldest engineering companies.

Friday, November 3rd 2023, 6:51PM

by BusinessDesk

The S&P/NZX 50 Index traded steadily in the afternoon, though it did dip slightly when NZ First and its leader Winston Peters joined the coalition negotiations to form a new government following the wrap-up of special votes.

The index closed at 11,118.92, up 74.48 points or 0.67% and gained 3.24% for the week after four successive days of rises. It was the best week of trading since early July last year. 

The index has now fallen almost 3% this year, an improvement from the decline of 6.2% at the end of last week.

There were 100 gainers and 32 decliners over the whole market, with 26.16 million shares worth $69.12m changing hands.

Jeremy Sullivan, investment advisor with Hamilton Hindin Greene, said the market was again driven by the fall in bond yields and the move by the US Federal Reserve to keep its funds rate on hold.

“We have a yield-sensitive market, and any indication of interest rates falling is pleasing,” Sullivan said.

“Some people in the US are expecting three rate cuts next year, but the Fed has commented it is not even thinking of cuts. The Fed is well aware the market would take off with any (reduction) signal and possibly re-ignite inflation.”

Even so, Wall Street had another strong day, with the Dow Jones Industrial Average increasing 1.7% to 33,839.08 points, the S&P 500 rising 1.89% to 4317.78, and the Nasdaq Composite up 1.78% to 13,294.19. The three indices were on track for gains of around 5% for the week.

MHM Automation, which was started in Christchurch in 1884 by James Mercer, surged 61c or 67.03% to $1.52 after receiving the takeover offer from Ohio-based American company Bettcher Industries.

Takeover interest

The offer, backed by the MHM non-conflicted directors, is $1.70 a share, a premium of 86.8% on the closing price the day before. Both companies are leading manufacturers of automated equipment for food processing plants.

Mainfreight was up another 90c to $61, jumping from $56.30 in a week. Fisher and Paykel Healthcare rebounded a further 40c or 1.86% to $21.90. Port of Tauranga recovered 7c to $5.15.

Freightways was up 8c to $7.88; a2 Milk gained 6c to $4.33; Heartland Group added 3c or 1.9% to $1.61; Manawa Energy collected 8c or 1.9% to $4.30; and Scales Corp increased 16c or 5.44% to $3.10.

Retailers KMD Brands increased 4c or 4.82% to 87c, and The Warehouse was up 4c or 2.3% to $1.78; Other gainers were Turners Automotive, up 8c or 1.96% to $4.17; Property for Industry, increasing 5c or 2.35% to $2.18; Arvida Group collecting 5c or 4.55% to $1.15; Tourism Holdings rising 20c or 5.97% to $3.55; and ikeGPS up 3c or 5.45% to 58c.

Telco Spark was down 6c to $5.01 after telling shareholders at the annual meeting that trading was steady. Mobile revenue continues to grow strongly, broadband and Cloud margins have stabilised, and voice margin continues to decline.

Spark confirmed full-year operating earnings (Ebitda) guidance at $1.215b-$1.26b compared with $1.193b in the 2023 financial year. The dividend is expected to slightly increase to 27.5c a share. Spark is investing $250m-$300m into data centres, a market that is expected to expand rapidly.

Technology companies Serko fell 20c or 4.71% to $4.05; Eroad gained 2c or 2.99% to 69c; and Smartpay increased 6.5c or 4.55% to $1.495.

Burger Fuel fell 4c or 13.11% to 26.5c, and 2 Cheap Cars was also down 4c or 5.71% to 66c.

Channel Infrastructure, up 1c to $1.46, completed its $100m six-year bonds offer at an interest rate of 6.75%.

Tags: Market Close

« Surge leads to biggest single-day rise in NZ sharemarketNZ sharemarket extends gain as Westpac kicks off bank reporting »

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 4.94 - - -
AIA - Go Home Loans 7.49 5.79 5.49 5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 5.79 5.49 5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance 7.90 - - -
Basecorp Finance 8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 5.79 5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 5.99 5.89 -
First Credit Union Standard 7.69 6.69 6.39 -
Heartland Bank - Online 6.99 5.49 5.39 5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 5.79 5.59 5.59
Kainga Ora ▼7.39 ▼5.79 ▼5.59 ▼5.69
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 ▼6.69 ▼6.49 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 ▼5.79 ▼5.59 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - ▼5.89 ▼5.49 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 ▼4.89 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 6.39 6.39
TSB Special 7.39 5.69 5.59 5.59
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.79 5.69 5.69

Last updated: 12 December 2024 9:22am

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