New Zealand share prices rose 1.64 percent on Monday to a fresh record as leading stocks rose strongly and exporters gained on the continuing fall of the local currency, dealers said.
The benchmark NZSX-50 gross index rose for the fourth straight day, adding 59.65 points to 3,640.44 on turnover of 144.4 million New Zealand dollars (88.0 million US).
Hamilton, Hinden, Greene partner Grant Williamson said the declining local dollar also provoked interest in exporter stocks. The New Zealand dollar hit a new 22-month low of 60.55 US cents before closing at 60.91 in local trade. Export stocks to gain from the weaker kiwi dollar included Fisher and Paykel Appliances, which rose five cents to 4.20 dollars, Fisher and Paykel Healthcare which added five cents to 4.10 and Sanford rose eight cents to 4.78.
Market leader Telecom gained 10 cents to 5.41 dollars. Fletcher Building, which went ex-dividend on a 19 cent payout, ended 17 cents lower at 8.48 dollars.
Waste Management surged 1.48 dollars or 21 percent to 8.47 on news of a proposed take-over by Australia's Transpacific Industries. Sky City Entertainment jumped eight cents to 5.20, buoyed by news of consolidation in the Australian industry.
Comments
Comments are closed.