Yield stocks back in favour with investors; Air NZ takes off
The S&P/NZX 50 Index increased 2.73 points, or 0.03 percent, to 10,861.44. Within the index, 17 stocks rose, 22 fell, and 11 were unchanged. Turnover was $110.6 million.
The New Zealand and Australian markets outperformed the rest of Asia after stocks on Wall Street were generally weaker as US President Donald Trump stoked fears about his ongoing trade war with China. On a separate front, the threat of Trump's impeachment also weighed on global equity markets.
"Over the last couple of weeks, we had seen quite a strong swing towards value-type stocks outperforming the pure yielders and particularly the growth momentum names," said Matt Goodson, managing director at Salt Funds Management. "That's started to change again in the last several days in the markets and is certainly evident across Australia and New Zealand today."
Trustpower led the market higher, up 3 percent at $8.25 on a typically small volume of 31,000 shares, though less than half its 90-day average of 71,000. Cornerstone shareholder Infratil was up 1.9 percent at $4.90, Port of Tauranga advanced 1.1 percent to $6.47 and Meridian Energy increased 1 percent to $5.30.
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