Market trucks on as Mainfreight and A2 hit new highs
The S&P/NZX 50 Index rose 42.56 points, or 0.4 percent, to 10,867.25. Within the index, 21 stocks increased, 18 fell, and 11 were unchanged. Turnover was $83.7 million.
The benchmark index gained for a fifth day as the international environment for low interest rates continues to drive demand for equities, especially stocks paying reliable dividends.
Heavyweight stocks Mainfreight and A2 were among the day's biggest gainers as investors remained optimistic both firms will continue their track record of beating expectations. Mainfreight rose as high as $42.73 and ended the day up 2.5 percent at a record close $42.02 on a volume of 58,000 shares. Its 90-day average is 64,000.
"The Mainfreight story is one that everyone is talking about," said Rickey Ward, NZ equity manager at JBWere. "It just shows you if you're a good company that keeps delivering, you're going to be rewarded."
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