New Zealand’s benchmark index extended its gains for a fifth day, with just one shortened trading session left in 2024, after a late surge by Contact Energy helped drag the market higher.
The S&P/NZX 50 index rose 64.91 points, or 0.4%, to 13,270.01 – its highest level since October 2021 – and reversing earlier losses late in the session as it tracked the weakness across the Tasman. Australia’s S&P/ASX 200 was down 0.6% in afternoon trading.
Contact led the benchmark index higher, rising 5.7% to $9.80, its highest level since January 2021. Filings to the NZX today showed chief executive Mike Fugue sold 20,000 shares on Christmas eve at $8.94 apiece.
The electricity generator-retailer is seen as a contender to replace Mercury NZ in an MSCI index, which means passive investors tracking a particular index have to rejig their portfolios accordingly.
Mercury fell 2.9% to $5.96 and Genesis Energy declined 1.3% to $2.28, while Meridian Energy rose 1.2% to $6.02.
Energetic companies
Energy companies were buoyant across the Tasman as a bigger than expected drawdown on US crude inventories supported oil prices. Brent crude was up 0.1% at US$74.23 a barrel in afternoon trading.
Import terminal operator Channel Infrastructure fell 1.1% to $1.88 and Air New Zealand was unchanged at 59.5 cents. Auckland International Airport had the heaviest trading with a volume of 2.3 million, as it slipped 0.6% to $8.70.
Ryman Healthcare was another of the day’s biggest gainers, up 4.5% at $4.85. Oceania Healthcare increased 1.4% to 74 cents and Summerset Group was unchanged at $13.20.
Turners Automotive rose 3.8% to $5.50 and Gentrack climbed 2.4% to 12.90.
Tourism Holdings posted the biggest decline on the benchmark index, falling 4.3% to $2.01, while Warehouse Group dropped 3.8% to $1.02 and Kiwi Property Group declined 3.7% to 91 cents.
The kiwi dollar extended its gain through the day, trading at 56.56 US cents at 5pm in Auckland from 56.33 cents at 7am and 56.15 cents on Friday. It rose to 90.64 Australian cents from 90.35 cents last week.
Reporting by Paul McBeth. Image from Curious News.