Skellerup rallies on robust earnings as NZ market revels on lower rates
The S&P/NZX 50 Index rose 138.04 points, or 1.1%, to 12,710.57. Across the main board, 94 stocks gained, 46 fell, and 39 were unchanged. Turnover was $122.4 million, with 11 companies trading on volumes of more than a million.
Investors remained upbeat after yesterday’s earlier-than-expected rate cut by the Reserve Bank of NZ (RBNZ), stoking demand for companies held for their reliable dividends and those set to benefit from increased activity.
Landlord Stride Property led the benchmark index higher, rising 4.5% to $1.40 on a volume of 1.4m shares, while Fletcher Building extended its rally, gaining 4.2% to $3.46 on a volume of 1.4m.
“The market is still feeling the love from the RBNZ decision yesterday,” Greg Smith, head of retail at Devon Funds Management, said. “There’s a tip of the hat for (governor) Adrian Orr for recognising that the economy has deteriorated since May.”
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