Stockmarket heavyweights Fisher & Paykel Healthcare and Infratil lifted the NZX on a day when there were almost twice as many decliners as there were gainers, with local data showing signs of the economy reviving.
The S&P/NZX 50 index advanced for a second day as it rose 43.38 points, or 0.3%, to 12,797.64, even as 98 companies across the main board declined while 47 rose. The local market shrugged off Australia’s downbeat tone on sluggish consumer sentiment in China. The S&P/ASX 200 index was down 0.4% in late trading.
F&P Healthcare led the benchmark index higher, rising 3.9% to a two-week high $38.25, as the kiwi dollar continues to struggle – trading at 57.79 US cents at 5pm in Auckland from 57.62 cents at 8am – increasing the value of the exporter's goods sold overseas.
The UK’s accession to the Comprehensive and Progressive Trans-Pacific Partnership trade and investment pact was another boost for firms selling to the British market. The kiwi traded at 45.74 British pence from 45.65 pence.
Winemaker Delegat rose 0.2% to $5.06, honey products maker Comvita gained 2.5% to 82 cents and global logistics group Mainfreight advanced 0.3% to $71.27.
That wasn’t universal as weak Chinese consumer spending figures weighed on firms exposed to Asia’s biggest economy. Fonterra Shareholders’ Fund units fell 0.4% to $5.23 and Synlait Milk declined 3.5% to 41 cents, while The a2 Milk Co rose 0.5% to $6.32 and apple exporter Scales advanced 0.3% to $4.
Infratil rose 0.8% to $12.15 and Goodman Property Trust increased 2% to $2.05. Recently listed data centre operator DigiCo Infrastructure sank 6.9% on its second day of trading on the ASX, slipping below its initial public offering price of A$5.
Green shoots?
NZME rose 2.9% to $1.08 and Freightways increased 1.2% to $10.55, with Statistics New Zealand data showing food prices slipped in November, while the BNZ-Business NZ performance of services index showed a small contraction in activity as it registered its strongest reading since February.
Westpac NZ senior economist Satish Ranchhod said in a note that the partial inflation reading showed consumer price increases remained relatively well-contained in November.
“We’re forecasting a 0.4% rise in prices over the December quarter, with some small downside risk to the number,” Ranchhod said. “We continue to expect that inflation will track close to 2% over the coming months.”
SkyCity Entertainment Group posted the biggest decline on the top 50, falling 2.8% to $1.40.
Aged care operator Oceania Health fell 2.7% to 73 cents and Summerset Group Holdings was down 2.6% at $12.66, while Ryman Healthcare rose 0.5% to $4.26.
Power companies were broadly weaker after the two dominant South Island generators, Contact Energy and Meridian Energy, released their monthly operating metrics. Contact rose 0.1% to $9.01 and Meridian slipped 1.2% to $5.65. Mercury NZ declined 0.7% to $5.68 and Genesis Energy dropped 1.8% to $2.14.
Spark New Zealand was again the most heavily traded stock on a volume of 4.4 million and falling $2.88. It slipped from the most-bought stock by Jarden Direct users last week to be the fifth-top buy among those DIY investors, while ANZ – which rose 0.2% to $32.30 – took out the top spot last week.
Auckland International Airport was the most sold New Zealand stock among Jarden Direct users last week. It fell 2% to $8.04 after saying November domestic and international passenger numbers rose from the same month a year earlier. Air New Zealand slipped 0.9% to 56 cents.
The most bought security by Sharesies users last week was the Smart US 500 ETF, which slipped 0.1% to $18.68, followed by the Smart NZ Top 50 ETF, which dipped 0.1% to $3.05.
Reporting by Paul McBeth. Image from Curious News.