The New Zealand sharemarket made another handy gain, but investors' attention will be directed towards two economic events this week – the Reserve Bank monetary policy review and the release of the latest inflation data from Stats NZ.
The S&P/NZX 50 Index built up a head of steam in the afternoon, closing up 21.53 points or 0.17 per cent to 12,784.94, after reaching an intraday low of 12,724.20.
There were 70 gainers and 69 decliners over the whole market of 186 stocks, with 41.47 million shares worth $155.72 million changing hands.
Dan Stratful, investment adviser with Forsyth Barr, said the market is presently in a sweet spot. "It has been enjoying quite a good run, but people will be eagerly watching Wednesday's update from the Reserve Bank.
"And the inflation data, announced Friday, could come in hot. It could lead to the expectation of interest rates creeping higher again and bond yields going up – and a sell-off on the market," Stratful said.
Economists are picking annual inflation at the Reserve Bank's upper limit of 3 per cent, with price rises pushing up the Consumer Price Index for the June Quarter.
The world's biggest asset manager, BlackRock Inc, has increased its shareholding in three stocks – Fisher and Paykel Healthcare from 5.007 per cent to 6.577 per cent; Auckland International Airport from 5.002 per cent to 6.017 per cent; and Kiwi Property to 6.593 per cent.
Market leader Fisher and Paykel Healthcare was up 20c to $30.50, Auckland International Airport gained 9c to $7.54; and Kiwi Property edged ahead 0.005c to $1.19.
Ebos Group rose 40c to $32.20; Fletcher Building was up 6c to $7.28; Skellerup Holdings gained 6c to $5; Restaurant Brands climbed 39c or 2.57 per cent to $15.25; Pushpay Holdings picked up 5c or 2;94 per cent to $1.75; and Fonterra Shareholders' Fund increased 7c or 1.87 per cent to $3.82 after hitting an intraday low of $3.75;
Languishing meal kit company My Food Bag had a turnaround, rising 5c or 3.76 per cent to $1.30. Tourism Holdings also had a rebound, rising 9c or 3.83 per cent to $2.44.
Among the retirement village stocks Ryman Healthcare fell 12c to $13.18 and Summerset Group Holdings was down 5c to $13.55, while the smaller ones Arvida rose 6c or 2.9 per cent to $2.13, and Oceania Healthcare was up 2c to $1.54.
The energy companies Contact was up 5c to $8.40; Meridian was down 8c to $5.32, and Mercury declined 5c to $6.60. Online travel provider Serko lost ground, falling 22c or 2.99 per cent to $7.14.
Freightways was down 15c to $12.65; Chorus fell 10c to $6.25; Port of Tauranga shed another 11c to $6.82; and fellow port companies Marsden Maritime Holdings declined 7c to $6.03, and South Port New Zealand lost 17c or 2.08 per cent to $8.
Apple exporter Scales Corporation declined 7c to $4.70; fishing company Sanford was down 6c to $5.07; and chemicals business DGL Group decreased 5c or 3.23 per cent to $1.50.
Leading wine exporter Delegat Group reported a 6 per cent increase in its unaudited net profit to $64.6m for the year ending June. Global sales were 3.178m cases, down 3 per cent on the previous year, and Delegat's share price was unchanged at $15.15. It is forecasting a net profit of $57m-$61m for the 2022 financial year.
Three smaller cap stocks have been taking large strides lately. Enprise Group, which provides software to manage day-to-day business activities and invests in high-growth technology companies, rose 7c or 1.86 per cent to $3.83. Australian-owned Enprise's share price has tripled in the past 10 weeks from $1.27 on May 3, and increased 429 per cent over the past 12 months.
Personal lender Harmoney surged 20c or 10.10 per cent to $2.18 – a rise of nearly 60 per cent in two weeks after sitting at $1.40 on June 28, though it is still well below its November 20 high of $3.70.
Publisher and broadcaster NZME gained 3c or 3.45 per cent to 90c, matching its two-year high achieved on February 24. It has risen nearly 30 per cent in two weeks, and 226 per cent over the past 12 months.
On Wall Street overnight, the leading indices had back-to-back record finishes as corporates begin to report their latest quarterly results, which are expected to be strong.
The Dow Jones Industrial Average increased 0.36 per cent to 34,996.18 points – just failing to crash through the 35,000 mark for the first time – the S&P 500 Index was up 0.4 per cent to 4386.68; and the technology-heavy Nasdaq Composite increased 0.2 per cent to 14,733.24.