Defensive stocks remain attractive in an uncertain global environment
The S&P/NZX 50 Index increased 6.4 points, or 0.1 percent, to 9,397.25. Within the index, 21 stocks rose, 21 fell, and eight were unchanged. Turnover was $159.9 million.
The benchmark index remained underpinned by companies held for their reliable earnings and dividends. Chorus rose 1.5 percent to a record close of $5.58 on a bigger than normal volume of 1.5 million shares. Contact Energy increased 0.5 percent to $6.48 on a volume of 2.3 million and Mercury NZ was up 0.8 percent at $3.70 on a bigger than usual 803,000 shares.
"The same themes have been playing out for the last couple of weeks," said Rickey Ward, New Zealand equities manager at JBWere. "It doesn't suggest that people are frightened, they're just a little bit wary."
Sky Network Television led the market higher, up 4 percent at $1.30, having hit an all-time low yesterday. The pay-TV operator's volume of 3 million was more than its 594,000 90-day average.
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