NZX50 hits record as yield stocks remain in vogue
The S&P/NZX 50 Index rose 86.29 points, or 0.8 percent, to 10,741.09, an all-time high. Within the index, 32 stocks rose, 11 fell, and seven were unchanged. Turnover was $110.0 million.
The NZX50 was the best performer across the 22 Asian equity indices tracked by Refinitiv and one of just four that was in positive territory. On average, it has the third-highest dividend yield at 4.54 percent, with a high number of infrastructure, property and utilities companies. It has gained 22 percent so far this year, pipped only by China's Shanghai Shenzhen CSI 300 index.
"The yields on a lot of those companies have dropped as the share prices have risen, but people are still attracted to those consistent dividends," said Grant Davies, an investment advisor at Hamilton Hindin Greene.
Meridian led the market higher, up 2.9 percent at $4.90 on a volume of 1.6 million shares, more than its 90-day average of 1.4 million. Z Energy rose 2.1 percent to $6.35 and Auckland International Airport increased 2 percent to $9.66.
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