MARKET CLOSE NZ stocks drift up as Aussie stocks gain
MARKET CLOSE: NZ stocks drift up as Aussie stocks gain post-election
Sept 9 (BusinessDesk) – New Zealand stocks rose slightly, as did Australian stocks, where markets were digesting the implications of a clear, but less emphatic than anticipated, win for the Liberal Party-led coalition of the new Prime Minister, Tony Abbott.
The NZX 50 Index rose 16.841 points, or 0.366 percent, to 4,614.019. Within the index, 24 stocks rose, 17 fell and nine were unchanged. Turnover was $136.7 million.
"It was a bit of a foregone conclusion, the Australian election result, and that's supported their market a little higher, and we've followed that to some degree," said Grant Williamson, a director at Hamilton Hindin Greene.
"It's a slow start to the week. Investors are still very happy with the performance of the market and there still seems to be quite good order flow."
"There's some dividend influence as MightyRiver went ex-dividend today and investors will soon be receiving their very first dividend."
MRP shares were down 2.21 percent to $2.21, while Vital Healthcare, which was also trading ex dividend, was down 1.09 percent to $1.365.
After two strong days of gains at the end of last week, childrens’ clothing retailer Pumpkin Patch had the biggest fall on the day, down 6.25 percent to $1.05.
That was against the trend among retailers in the top 50. Clothing chain Hallenstein Glasson had the strongest gain of the day, rising 2.78 percent to $4.81, jeweller Michael Hill International was third strongest on the day, up 2.14 percent to $1.43. Outdoor equipment retailers Kathmandu also rose 1.82 percent to $2.80.
Retirement village operator Summerset showed the second strongest gain of the day, rising 2.69 percent to $3.05. Infrastructure owner Infratil was up 2.11 percent to $2.42, with chief executive Marko Bogoievski telling BusinessDesk the firm is considering share buybacks and more investment in Australian wind farms, through 51 percent-owned TrustPower.