NZ shares gain as Scales bounces back from Cyclone Gabrielle
The S&P/NZX 50 Index increased 19.49 points, or 0.2%, to 12,470.60. Across the main board, 62 stocks rose, 70 fell and 47 were unchanged. Turnover was $137.2 million, with 10 stocks trading on volumes of more than a million.
Earnings reported today were generally upbeat in what’s been a mixed period, with many companies contending with the tight recessionary conditions.
“People, including myself, were expecting it to be pretty weak and we’ve seen mixed results at best,” said Jeremy Sullivan, an investment adviser at Hamilton Hindin Greene. “Interest rate cuts will take a while to flow through to the economy. There’s still plenty of value in our market.”
Scales posted a more normal first-half result as it bounced back from last year’s cyclone, almost doubling underlying profit and reaffirming its annual forecast. The shares rose 4.4% to $3.59.
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