NZ shares mixed as investors stay wary
New Zealand shares were mixed as wary investors tried to find value in a still volatile global environment. The S&P/NZX 50 index rose 25.45 points, or 0.3 per cent, to 8956.85. Within the index, 22 stocks fell, eight were unchanged and 20 fell. Turnover was modest at $86 million.
Peter McIntyre, an investment advisor 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.”
Spark New Zealand was the heaviest traded stock with almost 2.4 million shares changing hands. It rose 0.6 per cent to $4.09.
It was one of only a handful of stocks to have more than a million shares traded. Fletcher Building fell 3 per cent 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 claw-back from its three-year low earlier this month. The stock was up 1.9 per cent at $5.88.
Kiwi Property fell 0.7 per cent to $1.34 on volumes of 1.4 million shares.
Pushpay Holdings fell 0.9 per cent to $3.36, its lowest close in a year. The digital church collection operator saw more than 1.1 million of its shares change hands. Trade Me Group rose 2 per cent to $5.23. Meridian Energy rose 1.2 per cent
to $3.28. Controlled storage in the country’s hydro dams jumped to within 7 per cent of average after days of heavy rain in the South Island last week.
A2 Milk Co rose 1.2 per cent to $10.54. China looks set to delay crossborder e-commerce 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 has reported. SkyCity Entertainment rose 1 per cent to $3.85. Group revenue for the period through November 7 is up 7 per cent on a year earlier said the company, which is expecting modest full-year earnings growth. Auckland International Airport
rose 0.1 per cent to $7.205. Kiwifruit grower and marketer Seeka rose 2.3 per cent to $5.83. The company, which yesterday signalled a 14 per cent increase in 2019 operating earnings, plans to raise $50m through a rights offer priced at $4.25 each.