Stock market rises and the business and manufacturing sector expands in New Zealand
. Stock market rises and the business ، and manufacturing sector expands in New Zealand
The New Zealand sharemarket recovered from Monday’s small decline although top stock F&P Healthcare was weaker ، The benchmark S&P/NZX50 Index closed up 0.5 per cent, or 68.2 points, at 12,121.39 on Tuesday, following a subdued start to the week.
stock market rises in New Zealand
Craigs Investment Partners’ investment adviser Peter McIntyre said positive overseas markets overnight influenced the local market.
“We had a good lead from offshore overnight, particularly in that tech sector which has driven markets higher,” he said.
Blue chip medical equipment maker Fisher & Paykel Healthcare was down 0.6 per cent at $24.53.
Stocks on the rise on Tuesday included cinema software company Vista Group, up 5.7 per cent at $1.85, Pushpay, up 4.5 per cent at $1.16, and Air New Zealand, up 4.9 per cent at 95c.
The S&P/NZX was up 38.63 points or 0.33% to close at 11,913.63 on Thursday after ending at a one-month low in the prior session as the corporate earnings season kicked off with mostly positive results, and traders shrugged off surging inflation numbers.
Locally, the Reserve Bank of New Zealand delivered a fourth consecutive rate hike Wednesday, declaring a 50 bps increase in the Official Cash Rate to 1.5%.
On economic data front, factory activity in New Zealand grew the most in three months in March, with the reading coming above the long-term average and increasing for the seventh month running.
Meantime, food prices in the country rose by 7.6% yoy in March, the most since July 2011.
Gainers were led by Gentrack Group Limited (6.2%), DGL Group Limited (5.1%), Marlborough Wine Estates Group (4.6%), and AFT Pharmaceuticals (4%).
The NZX will be closed on Friday and Monday for the Easter holidays.
The New Zealand economy released its manufacturing data for the month, with the manufacturing business index released.
Which showed an expansion of 53.8 compared to 53.6 in the previous February reading.