Shares up in last full day’s trading for the year

New Zealand shares rose in the last full day of trading for 2018 on subdued volumes with many investors out for the Christmas and New Year holiday.

Summerset Group led the market higher. The S&P/NZX 50 increased 8.97 points, or 0.1 per cent, to 8,783.49, its third straight gain. Within the index, 33 stocks gained, 11 fell and six were unchanged. Turnover was a modest $45.8 million. Stock markets across Asia were broadly stronger after a late rally on a volatile Wall Street.

The Dow Jones Industrial Average climbed more than 800 points in late trading to close the day 260 points in the green.

A rollercoaster ride saw the Dow register a record 1000-point gain on on Wednesday, before swooping more than 600 points into the red early on Thursday. It then closed up 1.1 per cent to 23,139.

Australia’s S&P/ASX 200 index rose 0.5 per cent in afternoon trading, Singapore’s Straits-Times index up 0.7 per cent, and South Korea’s Kospi 200 index up 0.6 per cent.

The domestic market’s gain was more sedate, reflecting the holiday period, but also the NZX50’s 5 per cent increase so far this year is second only to India’s Sensex index on the Bombay Stock Exchange among the benchmark measures across the Asia Pacific tracked by Reuters.

“At the moment it’s just trying to battle through to the New Year,” said Grant Davies, an investment adviser at Hamilton Hindin Greene in Christchurch.

“People are waiting for the dust to settle.” Summerset rose 3.4 per cent to $6.48, the biggest gain on the benchmark index yesterday with 133,000 shares changing hands, half its average volume.

The NZX50’s recently added Vista Group International was up 2.8 per cent at $3.70 on a volume of just 17,000, while ANZ Bank

rose 2.5 per cent to $25.35 and Westpac Banking Corp gained 2.1 per cent to $25.85.

Spark New Zealand was the most traded stock with 867,000 shares changing hands, well short of its 90-day average of 3.1 million. It fell 0.7 per cent to $4.17. Kiwi Property Group slipped 0.4 per cent to $1.365 on a volume of 830,000 and Meridian Energy

increased 0.3 per cent to $3.41 on 822,000 shares.

Auckland International Airport fell 2.9 per cent to $7.14 on a volume of 590,000, half its average, and giving back some of Thursday’s 2.4 per cent gain. Mercury NZ declined 1.7 per cent to $3.54 on light volumes. A2 Milk rose 0.7 per cent to $10.96 and is on track to post the strongest performance for the year. Trade Me increased 0.3 per cent to $6.31, just below a $6.45 takeover bid by private equity firm Apax Partners.