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21 Nov 2017 15:24
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  •   Home > News > Health & Safety

    Shares rise as weak dollar helps companies

    New Zealand shares rose on Friday as Fisher & Paykel Healthcare led gains among companies that benefit from a weaker kiwi.

    New Zealand shares rose on Friday as Fisher & Paykel Healthcare led gains among companies that benefit from a weaker kiwi.

    Ryman Healthcare and Arvida Group led retirement village operators lower on concern the new government's policies may sap demand.

    The S&P/NZX 50 Index rose 5.48 points, or 0.1 per cent, to 8129.55. Within the index, 19 stocks rose, 25 fell and six were unchanged. Turnover was $221 million.

    The market partly recovered after a broad selloff Friday morning in the wake of the announcement that New Zealand First and Labour will form the new government with support from the Greens.

    Among points of agreement is to reduce net migration, a move likely to take some pressure off a housing market that is already showing signs of having come off its peak.

    F&P Healthcare, which gets much of its sales in foreign currencies such as the greenback, rose about 4 per cent to $13.34 as the kiwi dollar dropped below US70c.

    A2 Milk, which counts Australia as its biggest market, gained 1.5 per cent to $7.99, while its production partner, Synlait Milk, rose 2.1 per cent to $7.96. The kiwi fell to an 18-month low against the Aussie dollar.

    "Exporters have benefited from the New Zealand dollar falling," said Shane Solly, a director at Harbour Asset Management.

    Ryman Healthcare fell 4.1 per cent to $9.19, Arvida declined 3.3 per cent to $1.18, Metlifecare dropped 2.5 per cent to $5.88 and Summerset Group fell 2.4 per cent to $4.96.

    Mr Solly said the reaction in the stock market to the new government "is pretty consistent with the policies that have been rolled out so far".

    Ebos Group, which counts Australia as its largest market, gained 2.3 per cent to $17.90. Among companies whose fortunes are tied to global trade and the benefits of a weak dollar, Port of Tauranga rose 0.2 per cent to $4.47 and Mainfreight gained 0.4 per cent to $25.55.

    Sky Network Television fell 4.3 per cent to $2.67.


    © 2017 NZN, NZCity

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