Otago Daily Times

Mar­ket commentary

- Business · Finance · Stocks & Markets · Financial Markets · Wellington, New Zealand · New Zealand · New Zealand Exchange · United States of America · Australia · Fisher & Paykel Ltd. · ANZ Banking · Christchurch · Fisher & Paykel Healthcare · Pushpay · Ryman Healthcare · Contact Energy Limited · Warehouse · First Union

WELLING­TON: The New Zealand share­mar­ket kept climb­ing its peak, and Ebos Group — a solid per­former for many years — struck a new high.

On its 10th suc­ces­sive daily rise, the record­break­ing S&P/NZX 50 In­dex gained a fur­ther 96.96 points, or 0.78%, to 12,453.85. There were 92 gain­ers and 48 de­clin­ers on heavy vol­ume of 47.05 mil­lion shares worth $197.46 mil­lion.

Hamil­ton Hindin Greene in­vest­ment ad­viser Jeremy Sul­li­van said the out­look for lower in­ter­est rates was the con­tin­u­ing theme for the mar­ket, although it could be build­ing in the like­li­hood of a cor­rec­tion.

‘‘But the United States mar­kets were strong overnight and by and large they are con­tin­u­ing their ral­lies on the ex­pec­ta­tion of a fur­ther eco­nomic stim­u­lus,’’ Mr Sul­li­van said.

Ebos, which started in Christchur­ch 98 years ago as Early Bros Den­tal and Sur­gi­cal Sup­plies, surged 61c, or 2.4%, to $26 on trade worth $13 mil­lion and reached an all­time high. The pre­vi­ous day, the firm — now a sup­plier of health­care and an­i­mal prod­ucts in Aus­tralia and New Zealand — had bro­ken its pre­vi­ous record of $25.50 set on Novem­ber 13 last year.

Mr Sul­li­van said Ebos had been a strong per­former for the past decade.

‘‘Sup­ply­ing district health boards with med­i­cal sup­plies dur­ing the Covid pan­demic would be good for busi­ness.’’

It planned fur­ther ac­qui­si­tions and had plenty of head­way in its gear­ing, although the com­pany had said at its an­nual meet­ing that it did not ex­pect the same level of growth over the next quar­ter, he said.

There were good rises right across the mar­ket. Fisher & Paykel Health­care in­creased 66c to $35.36, and a2 Milk gained 37c, or 2.35%, to $16.12.

Main­freight was up 54c to $48.50, Push­pay Hold­ings moved 15c to $9.25, and Ry­man Health­care rose 28c to $15.17.

Net­work op­er­a­tor Cho­rus re­ceived a favourable pric­ing rul­ing from the Com­merce Com­mis­sion and its share price in­creased 6c to $8.81. Fish­ing com­pany Sanford gained 7c to $5.60.

The dual­listed banks had strong rises on the back of the Aus­tralian Bud­get, which de­liv­ered tax breaks and an eco­nomic stim­u­lus that promised less de­faults on loans. ANZ was up 74c, or 3.63%, to $21.11 and West­pac in­creased 61c, or 3.06%, to $20.55.

Heart­land Group Hold­ings, which be­came the first New Zealand bank to of­fer a home loan be­low 2%, climbed 2c to $1.42. SkyCity bounced back with a 8c, or 2.62%, rise to $3.13, and on­line travel provider Serko in­creased 7c to $4.80.

Con­tact Energy lost a lot of what it gained the day be­fore through profit­tak­ing and fell 16c to $7.94, Ge­n­e­sis Energy was down 8c, or 2.51%, to $3.11, and Restau­rant Brands de­clined 35c, or 2.87%, to $11.85.

The Ware­house, the coun­try’s largest listed re­tail com­pany, has told First Union it is lay­ing off about 600 peo­ple at 92 stores — and ex­pect more re­dun­dan­cies to fol­low. Its share price went up 5c, or 2.33%, to $2.20.

On Wall Street, tech­nol­ogy stocks came alive, driv­ing the lead­ing in­dices on a strong rally. The Dow Jones In­dus­trial Av­er­age gained 250.62 points, or 0.88%, to 28,837.52, the S&P 500 In­dex was up 1.64% to 3534.22, and the tech­nol­ogy­driven Nas­daq Com­pos­ite in­creased nearly 300 points, or 2.56%, to 11,876.26. —

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