Market close: NZ stocks end week on positive note

The index was spurred on by relief rallies in other Asian Pacific markets. Photo / NZME

New Zealand shares ended another eventful week on a positive note, spurred on by relief rallies in other Asian Pacific markets.

The S&P/NZX 50 Index gained 46.45 points or 0.42 per cent to 11,230.75 after reaching an intraday low of 11,129.62. The index finished the week ahead nearly 1 per cent and is down 13.5 per cent for the year to date. It rose 2.5 per cent in October.

There were 74 gainers and 58 decliners on the main board but trading was light with 23.73 million shares worth $94.77 million changing hands.

The NZX index picked up in the afternoon when the offshore markets opened strongly. The S&P/ASX 200 Index was up 0.25 per cent to 6874.9 points at 5.30pm NZ time; the Hong Kong Hang Seng had risen 5.7 per cent to 16,213.68; and the Shanghai Composite had climbed 2.09 per cent to 3060.31.

Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said there was a broad lift across the local market.

"Swap rates came down slightly, and the Asian rallies also helped our market. The materials and energy sectors were stronger in Australia after being sold off recently."

The Bank of England staged its biggest interest rate increase in three decades, 75 basis points to 3 per cent, saying the move was needed to beat stubbornly high inflation that was eroding living standards and was likely to trigger a "prolonged" recession.

Sullivan said all eyes will now be on the Reserve Bank on November 23 and he expected a 50 basis points increase in the official cash rate to 4 per cent.

"We are ahead of the Brits and the Americans in this regard."

With all the volatility in the markets recently, investors have stayed more on the sideline, according to the latest NZX statistics. The value of on-market trades in October fell 35.6 per cent to $1.398 billion year on year, and total trades declined 34.9 per cent to 722,450.

The daily average value traded was $114m, down 32.2 per cent, and daily average trades reached 36,123, down 34.9 per cent.

On a quiet day locally, Fisher and Paykel Healthcare rallied 15c to $19.50; Freightways was up 19c or 1.93 per cent to $10.01; Spark added 11c or 2.18 per cent to $5.165; Ebos Group gained 50c to $37.80; and Mainfreight collected $1.40 or 1.94 per cent to $73.40.

Retailers Briscoe Group increased 6c to $5.07 following its strong third-quarter performance; and The Warehouse Group gained 5c to $3.11.

In the energy sector, Contact was up 13c to $7.46; Vector increased 5c to $4.26; Meridian was down 7.5c to $4.74; and Genesis declined 5c to $2.79. Utilities investor Infratil gained 11c to $8.59.

Other gainers were Restaurant Brands improving 13c or 1.81 per cent to $7.33; NZME up 4c or 3.6 per cent to $1.15; Oceania Healthcare increasing 2c or 2.5 per cent to 82c; and Burger Fuel adding 1.5c or 5.17 per cent to 30.5c.

The a2 Milk Company slipped 9c to $5.90 after its rise the day before on news that it can export additional products to the United States. Auckland International Airport was down 7c to $7.46.

In the property sector, Investore shed 3c or 1.95 per cent to $1.51; Property for Industry fell 6.5c or 2.58 per cent to $2.455; and Stride decreased 3c or 1.86 per cent to $1.58.

Other decliners were Ventia Services, down 15c or 5 per cent to $2.85; Rakon decreasing 3c or 2.44 per cent to $1.20; Eroad shedding 5c or 3.91 per cent to $1.23; Green Cross Health falling 9c or 6.92 per cent to $1.21; ikeGPS losing 2c or 2.22 per cent to 88c; and Smartpay down 1.5c or 1.8 per cent to 82c.

SkyCity Entertainment, up 2c to $2.82, has arranged with two existing United States funders to provide US$75m ($129.5m) on a seven-year fixed term. There is also an option to take up a further US$50m by the end of June next year.

SkyCity said it will then be fully-financed to buy back the long-term concession granted over its car parks following the termination notices from MPF Parking NZ. Once the New Zealand International Convention Centre is completed, SkyCity will have a total of 3100 car parks.

Enprise Group, an investment vehicle for high-growth tech companies, is raising more than $1.3m by issuing one new share at 85c each for every 10 shares held by shareholders. Enprise's share price was unchanged at $1.014.