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Home / Business / Companies

Back in black: NZ shares return to record high

Liam Dann
Liam Dann
Business Editor at Large·NZ Herald·
9 May, 2018 04:18 AM2 mins to read

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Back in black: Brian Johnson of AC/DC during the concert at Western Springs, December 2015 New Zealand Herald Photograph by Brett Phibbs.

Back in black: Brian Johnson of AC/DC during the concert at Western Springs, December 2015 New Zealand Herald Photograph by Brett Phibbs.

Hey, hey hey hey, the NZX-50 is back in black (to borrow a line from veteran rockers AC/DC).

In what should hopefully translate to good news for KiwiSaver funds, the local market touched a new record this afternoon shaking off months of volatility.

Most KiwiSaver funds posted negative returns in the first three months of this year after a dramatic slump in sharemarkets around the world, in early February.

The S&P/NZX 50 Index dropped 0.9 per cent in the first quarter while global shares fell 2.7 per cent in the MSCI Global Index.

The index closed at t 8619 points this afternoon - surpassing the previous high at 8608 on March 21.

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Broadly it has held up well compared to Wall Street which fell more than 10 per cent into correction territory during February.

But the S&P/NZX 50 Index has been on a roll since April 26 rising steadily - up almost 4 per cent in just over a fortnight.

The retirement sector led gainers today, with Ryman Healthcare up 3.1 per cent to $10.99, Metlifecare rising 1.9 per cent to $5.91, and Summerset Group advanced 1.6 per cent to $7.18.

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A2 Milk rose 1.1 per cent to $12.89 and New Zealand Refining Co gained 0.8 per cent to $2.41.

Heartland Bank was the worst performer, down 1.7 per cent to $1.75.

Fletcher Building dropped 1.2 per cent to $6.45.

Vector dipped 0.6 per cent to $3.21. Chair Michael Stiassny says he won't seek re-election at this year's annual meeting because he no longer has the support of controlling shareholder Entrust Trustees, which owns 75.1 percent of Vector and represents its electricity network customers.

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Aged care

Watch: $180m Metlifecare village planned for Beachlands

23 May 09:53 PM

Scales Corp gained 0.2 per cent to $4.76. After the market closed, Scales announced it has agreed to sell its coldstorage businesses for $151.4 million to Emergent Cold, a global cold chain company that recently acquired the Swire coldstorage assets in Australia and Vietnam.

The transaction is subject to Overseas Investment Office approval.

- Additional reporting BusinessDesk

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