Air NZ Ends Turbulent Week On High Observe
Sophie Boot - NZ Newswire
Air NZ ends turbulent week on high word - Yahoo New Zealand
New Zealand shares rose slightly, led by Summerset Group Holdings and Air New Zealand, whereas Steel & Tube Holdings also gained.
The S&P/NZX50 Index rose 13.21 factors, or zero.2 per cent, to 7,133.26. Within the index, 26 stocks rose, sixteen fell and eight were unchanged. Turnover was $111 million.
"We are a contact firmer however overall it hasn't been a very good week for the market," stated Grant Williamson, director at Hamilton Hindin Greene.
"The market still seems to be underneath a little bit of selling pressure, but now we have seen a rebound in certain stocks which were sold off in latest instances. It's a bit of a mixed bag, we've just about followed Australia."
Air New Zealand gained 1.eight per cent to $1.745, bouncing off Thursday's two-12 months low.
"It has been hit very laborious with traders thinking increased competitors and slightly increased oil costs is going to have an effect on that firm - to me, it seems like that's been somewhat bit overdone," Williamson mentioned.
Summerset Group led the index, up 1.9 per cent to $4.86. Contact Vitality gained 1.7 per cent to $four.90 and Xero rose 1.7 per cent to $17.89.
New Zealand Refining Co was the worst performer, down 2.5 per cent to $2.34, whereas Auckland Worldwide Airport dropped 1.eight per cent to $6.62, Tower fell 1.6 per cent to 90.5 cents and Commerce Me Group shed 1.5 per cent to $5.24.
Exterior the benchmark index, Metal & Tube Holdings superior three.3 per cent to $2.22. It'll purchase Composite Ground Decks, which provides and installs composite floor decking, for $13.3m, with an extra $3m potential primarily based on its performance over the following two years.
Scott Technology gained four.8 per cent to $2.20. On Thursday, it reported a file $11m in full-yr pre-tax income, benefitting from rising curiosity globally in automation as corporations seek to cut back prices and increase productiveness.
Michael Hill Worldwide rose three per cent to $1.seventy four.
Air NZ ends turbulent week on excessive observe - Yahoo New Zealand
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