Market commentaries
WELLINGTON: New Zealand shares gained yesterday, led by Fisher & Paykel Healthcare Corp and Kathmandu in broadbased buying.
The S&P/NZX50 Index rose 88.32 points, or 1%, to 8370.37. Within the index, 39 stocks rose, seven fell and four were unchanged. Turnover was $131.3 million.
Fisher & Paykel Healthcare led the index higher, up 3.5% at $12.86. That was the second day of gains for the stock following publication of research showing significant benefits for patients using its humidifier.
Kathmandu Holdings rose 2.8% to $2.60, Spark New Zealand gained 2.5% to $3.43, and Meridian Energy advanced 2.1% to $2.89.
Auckland Airport gained 2.1% to $6.31.
The worst performer was A2 Milk Co, which dropped 0.7% to $12.
Summerset Group fell 0.6% to $6.82. At the retirement village developer and operator’s a1n3n uaMl meeting this afternoon, chairman Rob Campbell said it has opened a Melbourne office as it considered expanding into Australia.
Outside the benchmark index, Tegel Group gained 0.9% to $1.13.
On Thursday, Philippinesbased poultry group Bounty Fresh Foods said it would mount a $437.8 million takeover bid for Tegel at $1.23. The share price was beaten up after multiple earnings downgrades.
A The Australian sharemarket closed higher yesterday following a lift in global sentiment as major financial stocks recovered from early losses to join all other sectors in positive territory.
The benchmark S&P/ASX200 index was 0.72% higher at 5953.6 points yesterday, while the broader All Ordinaries was 0.66% up at 6042.9 points.
On the ASX, the major lenders that were hammered earlier in the week recovered from morning losses. Only the Commonwealth Bank was weaker. It was down A71c, or 1.0%, at $A71.54.
Westpac ended A17c, or 0.6% higher, at $A28.30, after recovering slightly from a UBS downgrade that triggered Thursday’s banking selloff.
ANZ finished A6c higher at $A26.63. National Australia Bank also closed higher, up 0.4% to $A28.59.
Scandalstruck AMP hit a new low, down a further A3c, or 0.7%, to $A4.02 after revelations the wealth manager may have breached the
act on 20 occasions and could face criminal charges.
AMP’s market value has fallen $A2.2 billion since the beginning of the royal commission.
The healthcare sector led market gains, lifting 2.4% on the back of blood products giant CSL, up $A4.74, or 2.8%, to $A170.39, and ear implant specialist Cochlear, up $A5.28, or 2.8% to $A193.11.
A late moderation in global oil prices did not impact local energy producers. Santos was up 0.7%, to $A6.24, and Oil Search lifted 0.9% to $A7.96.
Among the miners, BHP Billiton and Rio Tinto both rose 0.3% to $A31.11 and $A79.65, respectively.
Incitec Pivot gained A4c, or 1.1%, to $A3.84 after flagging a $A236 million impairment hit in its firsthalf results, offset by a oneoff cash benefit from the US tax reforms.
National turnover was 3.1 billion securities traded worth $A7.8 billion. — BusinessDesk/AAP