Light pre-Christmas trading for NZ sharemarket
The New Zealand sharemarket delivered a mini-Santa rally as it traded above 13,000 points for the second time this month.
Tuesday, December 24th 2024, 8:39PM
by BusinessDesk
After a slow start and falling to 12,944.1, the S&P/NZX 50 Index got into the festive spirit and closed at 13,074.74, increasing 86.71 points or 0.67%. The index had risen 2.5% in the last three days. It was last above 13,000 points on Dec 3.
But volumes were light on the half-day of trading before Christmas Day, with 11.44 million shares worth $40.8 million changing hands. There were 84 gainers and 45 decliners on the main board.
Paul Robertshawe, chief investment officer with Octagon Asset Management, said the volumes were so bad it wasn’t even funny.
“There’s lots of out-of-office messages on email, and despite the low liquidity and lack of company news the market put in a good performance.”
Robertshawe said there was more life in the property stocks after a couple of poor months.
“Maybe the sector is warming to the bottom of the market with yields looking more attractive.”
In the United States, the big technology stocks were back in business, led by Nvidia increasing 3.69% to US$139.67 (NZ$247.29), Meta (Facebook and Instagram) up 2.49% to US$599.85, and Tesla gaining 2.27% to US$430.60.
The Dow Jones Industrial Average was up 0.16% to 42,906.95 points; S&P 500 gained 0.73% to 5974.07; and Nasdaq Composite increased 0.98% to 19,764.88.
Rocket Lab continued its impressive ride on the Nasdaq, gaining 2.9% to US$25.59 and has risen 362.75% this year.
At home, Fisher & Paykel Healthcare led the way, increasing 57c to $38.34. The energy stocks added support, with Meridian up 6c to $5.97; Mercury gaining 10c to $6.10; and Contact adding 8c to $9.19.
Ebos Group was up 20c to $37.30; Ryman Healthcare increased 15c or 3.49% to $4.45; Serko collected 10c or 2.73% to $3.80; Turners Automotive added 11c or 2.08% to $5.40; Napier Port gained 8c or 3.13% to $2.64; and South Port NZ was up 15c or 2.8% to $5.51.
In the property sector, Argosy gained 2c or 1.97% to $1.035; Precinct increased 2.5c or 2% to $1.275; Goodman Trust was up 3c to $2.07; Property for Industry also added 3c to $2.18; and Asset Plus collected 0.005c or 2.38% to 21.5c.
In the retail sector, Hallenstein Glasson added another 7c to $8.47; Michael Hill increased 3c or 4.84% to 65c; and KMD Brands was up 1c or 2.35% to 43.5c.
Other gainers were Eroad increasing 5c or 4.85% to $1.08; Pacific Edge up 0.003c or 2.5% to 12.3% and Metro Performance Glass adding 0.005c or 7.81% to 6.9c.
Skellerup Holdings was down 8c to $5; SkyCity decreased 3c or 2.08% to $1.41; Tower also declined 3c or 2.21% to $1.33; and Oceania Healthcare shed 2c or 2.67% to 73c.
Other decliners were NZX easing 4c or 2.67% to $1.46; Vista Group decreasing 5c to $3.07; Rakon down 2c or 3.28% to 59c; Foley Wines shedding 2c or 3.51% to 55c; Radius Residential Care falling 1.4c or 6.83% to 19.1c; and Savor down 1c or 4.17% to 23c.
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