NZ sharemarket rises amid light trading
New Zealand shares rose in lacklustre trading dominated by Spark New Zealand, which will update shareholders at this week’s annual meeting. The S&P/NZX index increased 47.14 points, or 0.6 per cent, to 8615.54. Within the index, 25 stocks gained, 16 fell and nine were unchanged, Turnover was $66.3 million, of which Spark accounted for $10.3m.
Some 15.4 million shares of top 50 stocks were traded yesterday, less than the 90-day average of 25.3 million. Craigs Investment Partners adviser Peter McIntyre described trading as subdued ahead of a busy week for US corporate earnings and a number of local annual meetings.
“There were really light volumes which suggest there’s not a lot of conviction in the market currently,” McIntyre said.
Spark was the most traded stock with 2.7 million shares changing hands. It rose 1 per cent to $3.87 ahead of its annual meeting on Friday.
Sky Network Television gained 2.2 per cent to $2.30 after the pay-TV operator won a High Court ruling against My Box that using the internet-streaming service to show Sky movies, TV and sports programmes breached copyright.
Trade Me led the market higher, up 2.4 per cent to $4.75 on very light volumes. Dual-listed Westpac Banking Corp gained 2.2 per cent to $28.50.
Z Energy increased 0.3 per cent to $5.94 on volumes of 1 million. The transport fuels company will report first-half earnings on Thursday. NZX was unchanged at $1.03 on half its normal volume after reporting a 3.8 per cent increase in third-quarter revenue. Kiwi Property Group fell 1.9 per cent to $1.31 on smaller volumes than normal. The property investor
announced plans to raise up to $125m through a listed seven-year bond offer. The proceeds will repay bank debt. Pushpay Holdings fell 3 per cent to $3.55 on a tenth of its usual volumes.
Gentrack Group slipped 2.3 per cent to $6.40 and Synlait Milk declined 1.7 per cent to $8.27, both on very light trading.
Outside the benchmark index,
AWF Madison rose 2.3 per cent to $1.77 on light volumes after the recruitment firm maintained its interim dividend, even as first-half profit dropped 40 per cent.
New Zealand Oil & Gas rose 3.3 per cent to 63 cents after the explorer said it will begin comprehensive electronic logging of the Kohatukai-1 well.
PGG Wrightson increased 1.8 per cent to 58 cents ahead of today’s combined annual and special meeting, where investors will vote on whether to sell its seeds division. The rural services firm today said chair Alan Lai will retire effective today.