The New Zealand Herald

China’s comments give market boost

Pushpay, Ryman lead local stocks higher after Xi says he favours open economy and lower tariffs Kiwi over US73c

- — BusinessDe­sk

New Zealand shares rose as equity investors took heart from comments by Chinese President Xi Jinping that he favoured an open economy and lower tariffs. Pushpay Holdings, Ryman Healthcare, Air New Zealand, Trade Me and ANZ Banking Group gained.

The S&P/NZX 50 Index rose 15.64 points, or 0.2 per cent, to 8469.77. Within the index, 24 stocks rose, 15 fell and 11 were unchanged. Turnover was a modest $91.5 million.

Equity benchmarks across Asia and US stock futures rose after Xi delivered a speech to the Chinese Boao Forum for Asia, in which he said China would raise the foreign ownership limit for Chinese automakers and cut tariffs on imported products. The comments eased fears about China’s trade spat with the US. Japan’s Topix rose 0.2 per cent and Australia’s S&P/ASX 200 Index was up 0.7 per cent in afternoon trading.

which markets a payment app to religious organisati­ons, rose 2.4 per cent to $4.27. The shares have gained 137 per cent in the past 12 months. In January, Pushpay said it would bring forward its US listing plans and would seek a listing before the end of this year, after reaching a target of US$100m in annualised committed monthly revenue. rose 1.9 per cent to $10.80 gained 1.7 per cent to rose 1.2 per

rose

Pushpay, Ryman Contact Heartland Bank Air New Zealand

and $5.30. cent to $1.72. 1 per cent to $3.385.

“Our market continuall­y improved [yesterday] as have Asian markets following the conciliato­ry tone from President Xi and the fact he is profree trade,” said Peter McIntyre, an adviser at Craigs Investment Partners.

Investors are also upbeat about the pending US reporting season, with forecast earnings-per-share growth of about 7 per cent, he said. Volumes traded on the NZX, though, have been low, although institutio­nal investors look to have loaded up on Fletcher Building, buying shares that have shed a quarter of their value in the past 12 months.

was unchanged at $6.01, having recovered from a nine-year low of about $5.77 last week. Some $15m of shares changed hands, making it the most heavily traded stock by value on the market yesterday.

rose 1.1 per cent to

Fletcher ANZ Bank Westpac Banking Corp

$28.62 and gained 0.8 per cent to $31.05.

Fisher & Paykel Healthcare

was the biggest decliner, falling 1.9 per cent to $13.37, having reached a fiveweek high yesterday. was unchanged at $1.08.

NZX

The New Zealand dollar rose after Chinese President Xi Jinping soothed investor jitters over a possible trade war between China and the US. The kiwi gained to US73.30c late yesterday from US73.05c earlier and US72.93c late Monday. The tradeweigh­ted index was at 75.24 from 75.04 Monday. The kiwi overlooked weak local business confidence data. The kiwi traded at A94.76c from A94.84c on Monday and at 51.86 British pence from 51.74p. The kiwi increased to €59.50c from €59.42c.

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 ??  ?? Trade Me shares gained after comments from President Xi Jinping that he favours an open economy.
Trade Me shares gained after comments from President Xi Jinping that he favours an open economy.

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