New Zealand shares rose, although the market was mixed, with Air New Zealand gaining after strong operating metrics and A2 Milk Co falling from a record high.
The S&P/NZX 50 Index gained 2.51 points, or 0.04 per cent, to 7,065.22. Within the index, 23 stocks rose, 19 fell and eight
were unchanged. Turnover was $168 million,
Air New Zealand led the index, up 3.1 per cent to $2.365. In its monthly operating statistics for February, the national carrier reported a 2 per cent rise in revenue passenger kilometres compared to February 2016, with capacity up 5.3 per cent. Short-haul passenger numbers increased 2.2 per cent, while long haul numbers rose 3.1 per cent.
"They really do have a cash cow when it comes to the New Zealand domestic market," said James Smalley, director at Hamilton Hindin Greene. "At around $2.30 the market does seem to give it a bit of support. If the dollar falls it's good for inbound tourism, but in reality, they want a dollar around these levels because their margin is ultimately a reflection of where the dollar is."
Summerset Group gained 2 per cent to $5.08, Chorus rose 1.9 per cent to $4.23 and Westpac Banking Corp advanced 1.6 per cent to $37.38.
A2 Milk was the worst performer, down 3.4 per cent to $2.85, though that comes after a strong run in the month so far which culminated in it reaching a record $2.85 yesterday.
