Fourth straight day of share price rises; Exporters gain; Sky leads
The S&P/NZX 50 Index advanced 71.54 points, or 0.7 percent, to a record 10,824.69. Within the index 29 stocks rose, 11 fell, and 10 were unchanged. Turnover was $144.7 million, of which Mainfreight accounted for $24.2 million.
The local market reported the biggest increase in afternoon trading across Asian markets, with most major indices starting the week in the red with investors unnerved by the heightened tensions between Britain and Iran in the Strait of Hormuz. Taiwan's SE Weighted Index was the second-best performer, also up 0.7 percent in afternoon trading, while Hong Kong's Hang Seng was down 0.8 percent and Australia's S&P/ASX 200 Index slipped 0.3 percent.
"It's another record high on the NZX50 - nothing is holding this market at the moment," said Grant Williamson, a director at Hamilton Hindin Greene. "It's bucking the international trend with Australia off and the Dow (Jones) a little weaker."
The larger exporters were among stocks to rise, with Fisher & Paykel Healthcare up 1.9 percent at $16.26 on a volume of 1.2 million shares, more than twice its 90-day average of 548,000. Mainfreight rose 1.9 percent to $41 on a volume of 579,000 shares, about 10 times its 58,000 average.
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