Positive year-end for NZ stocks
By Sophie Boot
New Zealand shares have risen, led by Auckland International Airport, Goodman Property Trust and Z Energy.
The S&P/NZX 50 Index rose 26.94 points, or 0.43 percent, to 6319.38 today. Within the index, 25 stocks rose, 16 fell and nine were unchanged. Turnover was $121 million.
"Oil prices were up a wee bit overnight, and the US market was relatively strong, so we're looking towards a good run for the year," said Robert Garden, investment adviser at Craigs Investment Partners.
"There was a bit of slippage in New Zealand at the end of November and early December, and we've seen that ground recovered in a lot of stocks today."
Auckland Airport led the index up, advancing 3.1 percent to $5.74.
Goodman Property rose 2.9 percent to $1.265, Argosy Property advanced 2.2 percent to $1.18, and Kiwi Property Group was up 1.5 percent to $1.36, after property stocks fell yesterday.
Z Energy rose 2.7 percent to $6.78. The stock has touched a record high of $6.80 twice this month, but fell earlier this month after the Commerce Commission announced it had delayed its decision on whether to approve an application to buy Chevron New Zealand's service station chains until the end of April, adding about $10 million to the cost of the acquisition.
A2 Milk fell 9.3 percent to $2.06, ending a rally which saw it more than double in value from $1.10 since the middle of the month.
The stock hit an intraday high of $2.49, up from yesterday's close of $2.27, before ending the day lower. The stock has risen 291 percent this year off strong Chinese demand for infant formula.
Ebos dipped 2.8 percent to $14. The stock has risen 46.2 percent this year, and Ebos said in October that it expects annual earnings to again grow at a double-digit rate, after a positive start in the first quarter.