Market commentaries

WELLINGTON: New Zealand shares were mixed as wary local investors tried to find value in a still volatile global environment.

The S&P/NZX 50 index rose 25.45 points, or 0.3%, to 8956.85. Within the index, 22 stocks fell, eight were unchanged and 20 fell. Turnover was modest at $86 million.

US stocks fell on Friday on a combination of weak economic data in China and lower earnings forecasts in the tech sector.

Peter McIntyre, an investment adviser with Craigs Investment Partners, said the ‘‘weakish’’ leads from offshore have left local investors cautious.

While there is a reasonable flow of local news expected this week, the prospect of rising interest rates in the US and slowing global growth remain risks.

‘‘Those factors are still being considered by investors,’’ he said. ‘‘There is still a very cautious tone to the market we have trading [yesterday].’’

Spark New Zealand was the heaviest traded stock yesterday with almost 2.4 million shares changing hands. It rose 0.6% to $4.09. The company last week announced it would move into its own sports content production, and said it had the capability to go after all sport in New Zealand for its streaming service.

Fletcher Building fell 3% to $5.92, with a million shares traded. The New Zealand International Convention Centre the company is building in Auckland will not be completed by December 2019, SkyCity Entertainment said yesterday, without providing a new date.

Fuel retailer Z Energy also continued its slow clawback from its threeyear low earlier this month. The stock was up 1.9% at $5.88 yesterday, taking its gains the past week to 70 cents.

Kiwi Property fell 0.7% to $1.34 on volumes of 1.4 million shares. Pushpay Holdings fell 0.9% to $3.36, its lowest close in a year.

Trade Me Group rose 2% to $5.23. The company last week said revenue in the past four months was up 9% on last year, with earnings before interest and tax 10% higher. Meridian Energy, the country’s biggest hydrogenerator, rose 1.2% to $3.28. Controlled storage in the country’s hydro dams jumped to within 7% of average yesterday after days of heavy rain on the South Island last week.

a2 Milk Co rose 1.2% to $10.54. China looks set to delay crossborder ecommerce rules that may have restricted the private buying networks or Daijou that move much Australian and New Zealand infant milk powders, the Australian Financial Review reported last week.

SkyCity Entertainment rose 1% to $3.85. Group revenue for the period through November 7 is up 7% on a year earlier said the company, which is expecting modest fullyear earnings growth.

After a soft start the Australian sharemarket finished in the black with the index bolstered by the financial sector.

The benchmark S&P/ASX200 index closed 19.5 points higher or 0.33%, at 5941.3 yesterday, while the broader All Ordinaries was up 0.27%.

The Australian dollar was dragged down by a strong US dollar. The Aussie was buying US72.17c.

One of the heaviest weights on the market and the worst performer of the big four banks was ANZ trading exdividend and finishing 2.95% lower at $26.33, while Macquarie Group also went exdividend, closing 1.3% lower at $122.03.

Energy stocks have performed surprisingly well despite crude oil ending Friday with its 10th straight session of losses, marking the longest losing streak in about 34 years.

‘‘Last night one of the largest oil exporters in the world Saudi Arabia came out and said they are looking to cut production to limit supply due to demand being softer and to get the price of oil back up,’’ CommSec market analyst James Tao told AAP.

Oil Search Ltd rose 2.21% to $7.87, Santos was up 1.25% to $6.50, and Woodside Petroleum gained 1.27% to $34.20.

Despite falling cattle prices and a dry winter, agribusiness Elders managed to shield themselves from the worst impacts of the drought, with shares jumping more than 13%. — BusinessDesk /AAP

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