NZX50 muted as Australia recovers, Japan soars

New Zealand’s S&P/NZX 50 index ended Monday in positive territory, coming back from the long Waitangi weekend, but missing out on the stronger showings in Australia where miners such as Newmont and beat-up software firms like WiseTech Global clawed back Friday’s losses, or in Japan where prime minister Sanae Takaichi swept a supermajority in her snap election.

Rubber goods maker Skellerup Holdings led the local benchmark index higher after the firm was upgraded by Craigs Investment Partners analysts, with the firm kicking off the domestic earnings later this week.

The power companies were mixed after energy minister Simon Watts announced plans for the government to build a liquified natural gas terminal off the Taranaki coast to provide reliable back-up energy to the system when dry years threaten the hydro schemes.

And Rakon rallied after the high-tech components maker received a formal takeover bid from US suitor Bourns, with a target company response and independent adviser’s report expected in two weeks.