Trio leads index higher while Tower drops

  • 28/09/2016
The S&P/NZX 50 Index gained 37.53 points
The S&P/NZX 50 Index gained 37.53 points

New Zealand shares rose, with Chorus, Orion Health Group and Air New Zealand recovering losses, while Tower resumed its fall.

The S&P/NZX 50 Index gained 37.53 points, or 0.5 percent, to 7,290.45. Within the index, 22 stocks rose, 15 fell and 13 were unchanged. Turnover was $119.6 million.

Daniel Metcalfe, a senior investment advisor at OMF, said it was a "dull day" for the local index, without much news from NZX50 participants.

Markets overnight had been focussed on the first US presidential candidate debate between Hillary Clinton and Donald Trump, he said. Wall Street rallied after the debate, with the perception that Clinton had won the first of three debates bolstering confidence in equities.

Markets across Asia were generally lower in the afternoon's trading, with Japan's Nikkei 225 down 1.6 percent, Hong Kong's Hang Seng falling 0.7 percent, and Australia's S&P/ASX200 Index 0.1 percent lower at 5:05pm local time.

Chorus was the best performer on the local index, up 2.7 percent to $3.88. It has rebounded this week, up 4 percent, having fallen 19 percent since it announced its full-year results on Aug. 29.

Orion Health Group gained 1.8 percent to $3.35, bouncing back from Tuesday when it was the worst performer on the index and fell 4.6 percent.

Air New Zealand gained 1.4 percent to $1.875. The airline's annual shareholder's meeting will be held on Friday afternoon in Christchurch. It hit a 22-month low on Monday and has fallen 30 percent this year, as rising oil prices and increasing competition on its domestic and international routes have played on investors' minds.

Auckland International Airport rose 0.4 percent, or 3 cents, to $7.13. It gave up the rights to a 9 cent final dividend, payable on Oct. 13.

Tegel Group Holdings was the worst performer, down 3.7 percent to $1.55.

Tower dropped 1.5 percent to 96 cents.

Outside the main index, Intueri Education Group recovered, up 66.7 percent to 10 cents. The private education group's shares collapsed on Tuesday, slumping 80 percent in response to a warning about Australian government audits that threatened its viability. On Wednesday, it told investors it retains the support of its lender, ANZ Bank.

OceanaGold dropped 13.2 percent to $4.13.

NZN

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