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NZ shares climb as global economy tipped for recover

New Zealand's main share index rose as investors were encouraged by the International Monetary Fund predicting a swifter and strong global economic recovery as vaccines are distributed.

Wednesday, April 7th 2021, 7:07PM

by BusinessDesk

The S&P/NZX 50 Index rose 87.11 points, or 0.7%, to 12,487.59. Within the index, 23 stocks rose, 22 fell, and five were unchanged. Turnover was $271 million.

Overnight, the International Monetary Fund lifted its forecasts for global growth now forecasting a 6% expansion in 2021, which would be the faster rate in decades.

“Global prospects continue to look up, buoyed by vaccine rollouts and the massive dollop of policy stimulus,” said Mark Smith, an economist at ASB Bank.

Smith said market movements in foreign markets were modest overnight, although major US stock indices were hovering near record highs.

Kiwi stocks with an international focus saw strong gains. Global exporter Fisher & Paykel Healthcare led the market higher, gaining 3.5% to $32.42, while A2 Milk was up 2.4% at $8.56.

US-focused church management platform Pushpay Holdings climbed 3.5% to $2.08, and Restaurant Brands – which has US stores – rose 3.4% to $13.35.

Renewable electricity generators recovered after a big sell down yesterday as investors predicted a share price fall when a clean energy index is reweighted later in the month.

Questions have since been raised about exactly how much of an impact the revised index will have.

Meridian Energy was up 2.3% to $5.37, Contact Energy rallied 2.2% to $6.94 and Mercury NZ rose 1.9% to $6.37.

The Global Dairy Auction overnight saw a repeat of the high price for whole milk powder, which is the main driver of Fonterra farmgate milk prices.

Fonterra Shareholders’ Fund dropped 4.4% to $4.58. The strong auction indicates demand for the product but also raises the input cost for the co-operative.

The kiwi dollar was trading at 70.56 US cents at 5pm in Wellington; little changed from 70.54 cents yesterday.

There was little economic news allowing another quiet session with risk appetite governing direction.

The soon-to-open travel bubble has been supportive for the kiwi as more tourism spending is likely to underpin further economic recovery.

The trade-weighted index was at 74.02 at 5pm, from 74.10 yesterday. The kiwi was trading at 92.18 Australian cents from 92.27, 77.47 yen unchanged from yesterday, 59.44 euro cents from 59.74 cents, 51.05 British pence from 50.70 pence, and 4.6153 Chinese yuan from 4.6199 yuan.

Tags: Market Close

« Renewable energy stocks begin final descentA2 helps NZ shares play catch up »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
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BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
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Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
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Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
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SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
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Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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