Quiet trading on NZX ahead of upcoming earnings; Market finishes higher
The S&P/NZX 50 Index increased 3.81 points, or 0.04 percent, to 10,180.80. Within the index, 30 stocks rose, 14 fell, and six were unchanged. Turnover was $98.9 million, with just four stocks trading on volumes of more than a million shares.
The March and September balance date earnings season picks up speed next week, with a dozen or so companies scheduled to report. New Zealand's low interest rate environment continues to provide a tailwind for investors, as does a glut of bond redemptions and maturities that need to be reinvested.
Australia's federal election over the weekend has also given investors reason to sit on the sidelines and wait to see whether the Liberal-National coalition is returned or if the Australian Labor Party takes the treasury benches.
Peter McIntyre, an investment adviser at Craigs Investment Partners, said a lot of local investors were distracted by Xero's strong result yesterday, with the ASX-listed software company still widely held, and that the local market was reasonably quiet today. Xero was up 2.2 percent in late trading on the ASX at A$61.50, adding to yesterday's 11 percent gain.
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