NZX50 outguns ASX, Asian markets
The NZX50 outperformed the ASX and Asian markets, grinding up 23 points or 0.6 per cent to 4436.7 on a moderate volume of 33.7 million shares traded.
Twenty-seven stocks rose and 16 fell.
The Trade Weighted Index climbed to 79.14, up 0.1, as the kiwi dollar hit 86.2 US cents, up 0.3 cents on its price at yesterday's NZX market close.
It was trading at 81.85 Australian cents, up half a cent. The 90-day bank bill yield was unchanged at 2.68 per cent.
Mint Asset Management portfolio manager Shane Solly said the NZX50 may have responded to more positive news out of China that suggested the reining-back of "lavish spending" may have taken some heat out of inflation and could lead the government there to remove some constraints on the economy.
"In our market it has been more of the same, with defensive-type businesses leading the market up," he said.
"There is still a flow of capital into the market. Despite suggestions the kiwi dollar is fully-valued, the market is still very much seen as a secure place to invest.
"Maybe that's people taking a second-look at New Zealand after they have been hit by Mighty River Power marketing."
Contact rose 2.5 per cent to $5.41, Ryman 9 cents to $5.20, Fonterra was up 2.5 per cent to $7.44 after going ex-dividend earlier in the week and Sky City rose 9c to $4.26.
"All good solid stories," Solly said.
Pumpkin Patch recouped yesterday's fall, rising 7.4 per cent to $1.16. Mainfreight was down 20c at $11, impacted by its exposure to Europe and OceanaGold fell another 2.4 per cent to $2.90, reflecting the drop in gold prices. Chorus fell 2c to an all-time-low of $2.65.
- © Fairfax NZ News