NZ shares gain as Chorus dividend leads the way
The S&P/NZX 50 Index advanced 59.84 points, or 0.5%, to 12,589.83. Across the main board, 67 stocks rose, 64 fell and 48 were unchanged.
Turnover was $82 million, less than the $137m daily average in July. The benchmark index started the week with a strong lead from the US, where Federal Reserve chair Jerome Powell signalled lower interest rates were on the way to shore up the world’s biggest economy, reviving investor interest in stock markets.
Chorus led the NZX50 as it jumped 9.2% to $8.65, its highest close since April last year. The network operator hiked its annual dividend and raised its forecast return more than analysts expected. It reported a net loss largely because of charges on the new tax depreciation rules, though its underlying earnings were in line with forecasts.
Fisher & Paykel Healthcare extended its gains, rising 1.3% to $35.85, after raising its annual earnings guidance on Friday. The medical devices maker’s annual meeting is scheduled for Wednesday in Auckland.
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