Market commentaries

WELLINGTON: New Zealand shares rose, buoyed by firmer Asian markets, as investors sought out stocks with strong dividends due.

The S&P/NZX 50 index increased 26.65 points, or 0.3%, to 9351.68. Within the index, 23 stocks rose, 22 fell, and five were unchanged. Turnover was $198.04 million.

Asian markets rallied after a February manufacturing index in China was stronger than expected.

The Caixin/Market Manufacturing Purchasing Managers’ Index came in at 49.9 — signalling a third month of contraction — but better than the 48.5 expected in a Reuters poll of analysts and up from 48.3 in January.

Fletcher Building, Fisher & Paykel Healthcare and Meridian Energy, particularly stood out yesterday, with yield stocks among many of the gainers.

Fletcher Building may also be benefiting from some of the turmoil in the construction industry on both sides of the Tasman.

F&P Healthcare led the market, gaining 2.5% at $15.06, its highest close in almost five months. Almost 1.5 million shares changed hands, compared with average the past three months of 694,000. It gained almost 13% in the week.

Fletcher Building rose 2% to $4.99 and was the secondbiggest contributor the benchmark’s gain. It will pay an 8c dividend on March 22. Meridian Energy rose 1.4% to $3.74. It will pay 8.14c in dividends next month.

Spark New Zealand was again the most heavily traded stock, with a volume of 19.7 million shares changing hands, compared to its 4.3 million average. It rose 0.4% to $3.745.

Precinct Properties rose 0.3% to $1.505 with 3.3 million shares traded — more than threetimes its average the past three months. Kiwi Property Group rose 0.7% to $1.42, with almost 2.3 million shares traded, almost twice the average.

Air New Zealand rose 0.2% to $2.475, its first gain in four days. The stock reached a 23month low yesterday after reporting a 35% drop in firsthalf earnings. The 1.8 million shares traded was roughly twice the average.

Trade Me Group rose 0.2% to $6.40, the 1.4 million shares traded being close to average. A2 Milk was unchanged at $14.31.

Outside the benchmark index, fleet tracking specialist Eroad rose 13.8% to $2.39 after announcing a major US contract for about 4900 of its EHUBO 2 units. NZ King Salmon rose 8.1% to $2.40. Jeweller Michael Hill International rose 7.7% to 70c, its highest close in more than three months.

A The Australian sharemarket has finished higher for a third day, hitting its highest level in five months.

The benchmark S&P/ASX200 index closed up 23.7 points, or 0.38%, at 6192.7 points at 1615 AEDT yesterday, while the broader All Ordinaries was up 21.1 points, or 0.34%, at 6273.8.

It’s the ASX200’s best level since late September. In the last 11 sessions, it has only been down twice, with the index finishing the week up 0.41%.

Most sectors were higher led by property trusts, then tech stocks.

Energy, materials and industrial stocks were down. BHP was down 0.13%, Rio Tinto down 1.29% and Fortescue Metals down 1.32%. Woodside Petroleum and Oil Search declined 1.63% and 1.91%, respectively.

Afterpay was up 6.13%, at $19.57. The buy now, pay later company, which reported earnings on Tuesday, finished up 13.78% on the week.

Infant formula maker Bellamy’s was up 8.34%, to $8.83.

A number of stocks went exdividend, most notably Caltex, which closed down 4.83%, and Origin Energy, down 1.09%.

Retail Food Group was down 7.41% after revealing on Thursday that it had slumped to an $111 million firsthalf loss.

The big banks edged higher, led by CBA, up 0.54%.

Since its Christmas Eve low of 5,410.2, the ASX200 has gained 14.4%, amid a similar rally by other global indices. — BusinessDesk/AAP