Market close: Cineworld's bankruptcy sends local stock Vista Group's shares down

British entertainment conglomerate Cineworld Group filed for bankruptcy. At home, cinema software management company Vista Group shares fell 6c or 3.57 per cent to $1.62. Photo / 123RF

Fisher and Paykel Healthcare surged back from its two-year low and the New Zealand sharemarket picked up more than 1 per cent following rebounds overseas on latest views that inflation may have peaked.

After a strong night on Wall Street and a strong day across the Tasman, the S&P/NZX 50 index climbed steadily, finishing 129.63 points or 1.12 per cent ahead at 11,677.93.

There were 80 gainers and 59 decliners on the main board, with 28.79 million shares worth $116.93 million changing hands.

Greg Smith, head of retail with Devon Funds Management, said inflation in tandem with rising interest rates has been the main worry of markets all year and there is renewed talk that central banks may reduce the pace of rate rises.

He said Reserve Bank of Australia governor Philip Lowe hinted there could be a slower pace of tightening ahead as wages are contributing less to the inflation picture.

"Officials are talking about putting headline inflation to bed. A big driver has been the oil price and that has fallen more than 30 per cent from its high of US$120 a barrel," Smith said.

US crude oil reached its lowest level than before the Ukraine invasion, trading at US$82.65 a barrel, and the United States 10-Year Treasury Note yield fell from 3.339 per cent to 3.234 per cent. A Federal Reserve report also showed price growth was showing signs of easing.

The Dow Jones Industrial Average increased 435 points or 1.4 per cent to 31,581.28; S&P 500 was up 1.83 per cent to 3979.87; and Nasdaq Composite rose 2.14 per cent to 11,791.90.

The S&P/ASX 200 Index had risen 1.59 per cent to 6836.3 points at 6pm NZ time.

At home, Fisher and Paykel Healthcare increased 72c or 3.75 per cent to $19.92, though it has fallen more than 40 per cent over the past year.

Fisher and Paykel, which sells 350 million respiratory masks a year, was given a boost with the announcement that Philips Respironics is recalling 17 million CPAP masks used by patients with sleep apnea.

The US Drug and Administration Agency questioned the magnets that connect and hold the pieces of the mask in place. The magnets could impact any implanted medical devices that contain metal, including pacemakers.

Ebos Group increased $1.07 or 2.79 per cent to $39.43; Auckland International Airport gained 11c to $7.60; Fletcher Building, soon to go ex-dividend, was up 9c to $5.59; Spark gained 7c to $5.48; a2 Milk gathered 6c to $6.24; and SkyCity Entertainment added 5c or 1.82 per cent to $2.79.

Energy companies Meridian was up 13c or 2.67 per cent to $5; Mercury increased 6c to $6.05; and Genesis gained 3.5c to $2.985.

Ventia Services, one of the better performers this year, added 11c or 3.46 per cent to $3.29; Skellerup improved 8c to $5.53; Vulcan Steel increased 25c or 2.96 per cent to $8.70; and Vital Healthcare Property Trust gained 10c or 3.8 per cent to $2.73.

Retailers KMD Brands (formerly Kathmandu) improved 4c or 3.92 per cent to $1.06; Michael Hill International gained 4.5c or 3.64 per cent to $1.28; Hallenstein Glasson increased 17c or 3.33 per cent to $5.28; and The Warehouse was up 3c to $3.33.

ANZ Banking Group increased 49c or 1.97 per cent to $25.42, and Westpac Banking Corporation gained 50c or 2.14 per cent to $23.85 on the Australian market rebound.

Other gainers were Restaurant Brands, up 9c to $8.14; Accordant increasing 6c or 3.35 per cent to $1.85; NZ King Salmon improving 1c or 4.55 per cent to 23c; and Serko adding 7c or 1.96 per cent to $3.65.

Chorus was down 9c to $7.92; Seeka declined 10c or 2.56 per cent to $3.80; New Zealand Oil & Gas shed 1.5c or 3.41 per cent to 42.5c; South Port decreased 13c to $8.40, and Winton Land fell 11c or 3.93 per cent to $2.69.

Pacific Edge slipped a further 1c or 2.02 per cent to 48.5c, nearing its late August low and falling from a high of $1.56 achieved on September 24 last year. Pacific Edge has fallen 67 per cent over the past year.

Cinema software management company Vista Group was down 6c or 3.57 per cent to $1.62. Cineworld Group, the world's second-largest movie theatre chain, has filed a Chapter 11 bankruptcy protection in the US.

Heartland Group, slipping 1c to $1.81, completed its share purchase plan at $1.76 a share, attracting $68.8m from shareholders against a target of $70m. Heartland earlier made a $130m placement to institutional investors.

Cannasouth, down 1.5c or 4.05 per cent to 35.5c, raised $1.52m from its one-for-10 rights offer to shareholders. There were also over-subscriptions worth $1.5m and Cannasouth will undertake a bookbuild process.