NZ stocks rally into 2023, Ebos hits an all time high
New Zealand stocks have rallied on the first local trading day of the new year, with Ebos Group hitting an all-time high.
Wednesday, January 4th 2023, 6:29PM
by BusinessDesk
The S&P/NZX 50 index jumped 114.2 points, or 1%, to 11587.480.
Across the main board, 82 stocks rose and 49 fell. Turnover was $97.4 million.
Harbour Asset Management portfolio manager Shane Solly said bond yields, particularly on longer-term ones, had fallen today, which was generally positive for the local market.
The market was still in holiday mode and probably would be until next week, he said.
Overseas, markets in Asia and Europe have rallied to start off 2023, while the United States had been trading lower.
Solly said the rest of the world “was getting on with it” and NZ was catching up after markets opened a few days earlier in the new year elsewhere.
On the local market, despite starting the day off in the red, Ebos Group led the top 50 higher, reaching an all-time high at $46.19 during afternoon trading.
It closed at $45.70, up 4.1% for the day.
Solly said Ebos was a great company that continued to grow.
Other movers in the top 50 index included Summerset Group, up 3.4% to $9.15. SkyCity Entertainment rose 2.5% to $2.43.
Fisher and Paykel Healthcare was up by 2.1% to $23.07. Auckland Airport also rose, up 2.4% to $7.99.
Following a revaluation of its 48% stake in the CDC Data Centres, which was announced yesterday to the ASX, Infratil’s shares rose 2% to $8.83.
Its stake in the centres is now estimated to be worth between $2.97 billion to $3.55b, up from $2.64b and $3.13b.
On the flip side, the top 50 was led lower by Mainfreight, down by 2.5% to $65.80. Freight company Move Logistics was also down by 1.8% to $1.10.
Winton Land fell by 3.6% to $1.60. New Zealand Rural Land Company also declined, down 2.8% to $1.05.
The entire board was led lower by Good Spirits Hospitality, which put its assets on the market in a fire sale just before Christmas.
It ended the day down by 8.8% to 3c, in very light trading of $108.
On the currency front, the NZ dollar was trading at 62.6 US cents at 3pm in Wellington, down from 63.3 cents on Dec 30.
The trade-weighted index was lower at 71.48, down from 72.41 on Friday.
While global dairy prices continued their drop at the latest GDT auction, listed dairy stocks were up.
A2 Milk was up 2.6% to $7.57. Synlait edged slightly higher, up 0.9% to $3.56, with Fonterra’s Shareholders Unit Fund up 2.45% to $3.34.
| « NZ shares fall in last trading session of the year | Market continues to be full of New Year cheer » |
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