NZ shares join Asia rally
New Zealand shares joined a rally across Asia as stock markets took their lead from Wall Street as ANZ and Trade Me led the local bourse higher.
21 April 2017
New Zealand shares joined a rally across Asia on Friday as stock markets took their lead from Wall Street.
It was a day when local firms posted better-than-expected earnings. Dual-listed stocks ANZ Banking Group and Trade Me led the local bourse higher.
The S&P/NZX 50 index edged up 9.16 points, or 0.1 per cent, to 7197.21. Within the index, 17 stocks gain, 18 fell and 15 were unchanged. Turnover was $135 million.
The local market has been following international trends in recent months as heightened uncertainty over Europe's political direction and the ability of US President Donald Trump's administration to pass its policy objectives keeps investors nervous.
Stocks across Asia rose with Australia's S&P/ASX up 0.7 per cent in afternoon trading and South Korea's Kospi 200 index gaining 1 per cent, following Wall Street higher.
"The US markets have had probably more down days than up days over the last fortnight and there's been a little bit of a bounce after a period of weakness," said Mark Lister, head of private wealth research at Craigs Investment Partners.
"There's no real stand-out performers on the upside or the downside and it seems to be a bit quieter because of school holidays and the shortened week."
Dual-listed stocks were at the top of the leaderboard, headed by ANZ which gained 2.4 per cent to $34.19. Trade Me Group rose 2.2 per cent to $5.12.
Fletcher Building increased 0.8 per cent to $7.91. The firm has been the subject of rumours that investment banks are looking to pitch a break-up or buy-out of the company, although Mr Lister didn't think there was much truth to the speculation.
Restaurant Brands was unchanged at $5.25. About half of the fast food operator's unionised workforce will Saturday picket stores around the country after negotiations for a new collective agreement broke down.
NPT was unchanged at 63 cents after shareholders led by Augusta Capital voted to block a proposed deal with Kiwi Property Group.
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