Market close: blue chip stocks push New Zealand stock market higher

Blue-chip stocks rebounded and pushed the New Zealand stock market to a 1% gain as investors believed the rise in interest rates may not be as rapid as expected due to the uncertainty caused
by the Russian invasion of Ukraine.

The S&P/NZX 50 index was strong all day, gaining 122.65 points or 1.01% to 12,211.4 – after another rally on Wall Street overnight.

There were 113 gainers and only 24 decliners across the entire 188-stock market, with 37.5 million shares worth $163.9 million changing hands.

Jeremy Sullivan, investment adviser at Hamilton Hindin Greene, said there had been unusual volatility in blue chips, but that was due to the war in Ukraine.

“Commodity price pressures are being felt – wheat prices are at their highest level in almost 14 years – and there could be a slowdown in global economic growth. Interest rate hikes Any decrease in the pace of interest rate hikes will increase the value of stocks.

“It looks like the housing market in New Zealand has turned around and that was one of the big threats to the Reserve Bank from inflation. The bank may have dodged a bullet this time,” said Sullivan said.

The US Federal Reserve has told financial markets it will continue with its first interest rate hike since Covid-19 hit later this month, but the hike is more likely to be 25 rather than 50 basis points. .

This certainty gave the markets more confidence. The Dow Jones Industrial Average made up for the 600 points lost the day before, up 1.79% to 33,891.35; The S&P 500 rose 1.86% to 4386.65; and Nasdaq Composite rose 1.62% to 13,752.02.

The price of crude oil climbed to US$112 a barrel from US$57 a year ago. And gold is back up to nearly US$2,000 an ounce.

At home, some of the most volatile stocks of recent times have risen again. Ryman Health rose 28c or 2.93% to $9.83 after falling 48c or 4.79% the previous day; and Auckland International Airport was up 22c or 3.1% at $7.32.

market leader Fisher and Paykel Healthcare increased from 23c to $28; EBOS Group won 52c at $39.20; Main freight rose $2 or 2.44% to $83.80; Spark was up 6c at $4,695; and Freight lanes collected 30c or 2.47 per cent to $12.47.

Chorus was up 10c at $7.46; Skellerup Holdings gained 13.5c or 2.36% to $5.86; Tourism funds increased by 9c or 3.49% to $2.67; Scales Corporation collected 15c or 3.09% at $5; Comvita improved 7c or 2.07% at $3.45; DGL Group increased by 10c or 3.45% to $3; and TradeWindow was up 4c or 2.22% at $1.84.

Among the energy companies, Genesis increased by 7c or 2.5% to $2.87; power of trust won 10c at $6.75; Vector was up 6c at $3.86; Contact was down 7c at $8.18; and Meridian fell 8c to $5.22.

Among real estate companies, Vital Healthcare Real Estate Trust rose 16.5c or 5.28% to $3.229; Argosia was up 2c at $1.39; Kiwi Property rose 2.5c or 2.34% to $1,095; and Enclosure properties also gained 2.5 cents to $1.585.

Air New Zealand was down 2.5c at $1.505; Seeka decreased 9c to $5.01; and AFT Pharmaceuticals throw 9c or 2.28% to $3.86.

Infratilnamed Company of the Year in the Deloitte Top 200 Awards, rose 10c to $8.22.

Broadcaster and publisher NZMEwinner of the Deloitte Awards’ Most Improved Performance category, hit a new high, rising from 9c or 6.16% to $1.55.

Vulcan Steel, which won the Best Growth Strategy category in the same awards, rose 15c to $9.80. Founded in 1995, Vulcan has 29 distribution and processing facilities in Australia and New Zealand.

Greenfern Industries is writing clinical trial protocols for a low-dose cannabidiol (BBD) drug for sale in pharmacies, and its stock price rose 0.005c or 2.5% to 20, 5c.

TruScreen Group rose 0.009 or 13.04% to 7.8c after announcing to the market that it had received national price approval in China for its cervical cancer screening system and sold 10,800 units to the Zimbabwe National Aids Council to carry out a pilot project.

transportation technology company EROADup 1c to $3.79, renewed its contract for 5,500 units with its biggest New Zealand customer, Downer EDI, until December 2025.