Market commentaries

WELLINGTON: New Zealand shares fell slightly yesterday, despite a gain in energy stocks and ANZ Bank New Zealand rising on its firsthalf earnings.

The S&P/NZX50 Index dipped 7.61 points to 8435.97. Within the index, 19 stocks fell, 18 rose and 13 were unchanged. Turnover was $113.5 million.

Kiwi Property led the index lower, down 2.6% to $1.335. Sky Network Television fell 1.3% to $2.25.

SkyCity Entertainment Group dipped 0.3% to $4.04. Its $703 million New Zealand International Convention Centre and Hobson St hotel project, which is being built by beleaguered Fletcher Building, will be delayed a further six months. Fletcher Building fell 1.7% to $6.20.

Restaurant Brands was the best performer, up 2.9% to $7.39, and Gentrack Group gained 2.6% to $7.19.

ANZ Bank New Zealand rose 2.3% to $29.36. Its firsthalf earnings rose 1% to $941 million.

Meridian Energy gained 1.2% to $2.975. It has signed a contract with New Zealand Aluminium Smelters to agree the price for extra electricity at Tiwai Point in Southland.

The contract, underwritten by Meridian and supported by contracts with Contact Energy, Genesis Energy and Mercury New Zealand, runs until December 2022.

Genesis rose 1.3% to $2.28 and Contact was up 0.9% to $5.43. Mercury dipped 0.2% to $3.185.

Z Energy was unchanged at $7.25, although it traded higher for much of the day. Z is due to report tomorrow, and gained on Monday despite renewed calls for government intervention in petrol pricing following a leaked email from BP New Zealand.

Outside the benchmark index, Oceania Healthcare gained 1% to 99c.

A A surge in support for the banks — despite a highly critical regulator’s report on failings at the nation’s biggest lender — has led the Australian sharemarket to close above 6000 points for the first time since February.

The benchmark S&P/ASX200 index ended up 32.5 points at 6015.2 points, while the broader All Ordinaries index was up 28.4 points at 6,100.0.

The financial sector posted its biggest singleday gain since the financial services royal commission was announced in November. Banks have now recovered from the heavy falls in the wake of a critical UBS report on Westpac’s mortgage book last Thursday.

ANZ shares rose A63c, or 2.4%, to $A27.47. Commonwealth Bank closed up $1.35 at $73.17, National Australia Bank lifted 1.7%, to $29.45 and Westpac shares rose 1.4% to $29.05.

Fairmont Equities managing director Michael Gable said he had expected support for bank stocks to start with dividend dates looming.

He said he would not be surprised if the overall market experienced some softness over the next few weeks now it had topped the 6000 mark.

Elsewhere in the market, energy stocks rose. Oil Search was up 7c to $7.91 and Woodside gained 0.6% to $32.42.

Rio Tinto dipped 16c to $79.70 after fresh allegations related to the mining giant’s handling of disclosures around its disastrous $US4 billion coal investment in Mozambique in 2012.

National turnover was 3.4 billion securities traded worth $A6.6 billion. — BusinessDesk/AAP