Stock markets in New Zealand and Australia rallied in shortened holiday trading before the Christmas break, with Ryman Healthcare leading the local bourse higher.
The S&P/NZX 50 index has gained 11% so far this year, rising for a third session as it increased 86.7 points, or 0.7% to 13,074.74. Meanwhile, Australia’s S&P/ASX 200 increased 0.2%.
The kiwi dollar traded at 90.46 Australian cents at 5pm in Auckland from 90.43 cents at 7am and 90.45 cents yesterday after the Reserve Bank of Australia’s minutes to its last policy review showed decisionmakers saw less upside inflation risk in their cautious approach to lowering rates.
Meanwhile, the International Monetary Fund’s latest update on Australia’s economy noted a tight labour market and stronger than expected government spending could delay rate cuts.
The kiwi traded at 56.42 US cents from 56.52 cents yesterday.
So much for the super-drug
Fisher & Paykel Healthcare shrugged off the US Food and Drug Administration approval for Eli Lilly’s Zepbound to be used for sleep apnoea, rising 1.5% to $38.34. Rival ResMed’s US-listed shares fell during North American trading, but its ASX shares were up 1.3% in local trading.
Ryman led the local market higher, rising 3.5% to $4.45. Among other companies with exposure to Australia, Michael Hill International advanced 4.8% to 65 cents, KMD Brands rose 2.4% to 43.5 cents, Ebos Group gained 0.5% to 37.30, and Heartland Group Holdings increased 1% to 99 cents.
Fletcher Building slipped 0.4% to $2.79 and Vulcan Steel was unchanged at $8, while SkyCity Entertainment Group declined 2.1% to $1.41.
Stock market operator NZX posted the biggest decline on the benchmark index, falling 2.7% to $1.46, while Oceania Health fell 2.7% to 73 cents. Insurer Tower dropped 2.2% to $1.33.
Spark New Zealand was the only company to trade on a volume of more than a million shares in very light trading, and was unchanged at $2.885.
Reporting by Paul McBeth. Image from Curious News.
