NZX50 rallies as F&P Healthcare intake overcomes Infratil’s exhale

Fisher & Paykel Healthcare led New Zealand’s S&P/NZX 50 index higher as the medical device company beat earnings expectations and delivered a fatter dividend, overshadowing a sell-off for Infratil after the infrastructure investor’s monthly surge ran out of steam.

Stock markets across Asia were mixed and the kiwi dollar dipped against the greenback as the latest skirmish between the US and Iran prompted investors to second-guess President Donald Trump’s claim that peace talks were progressing nicely.

Meanwhile, the Reserve Bank’s policy review on Wednesday is expected to keep the official cash rate unchanged, with the yield on 10-year government bonds easing in the run up to the government’s budget on Thursday.

Elsewhere in the domestic earnings season, Goodman New Zealand nudged higher after raising its annual profit and dividend and Ryman Healthcare advanced as it continued to repair its balance sheet, while New Zealand King Salmon Investments surged after upgrading its annual guidance on a solid first-half result.