Freightways powers NZX50 through a2 Milk slump
New Zealand’s S&P/NZX 50 index rallied late in the day to end the day in the green as Freightways led a broad-based gain on the local market, shrugging off a sharp decline for a2 Milk as the infant formula company launched a small recall of US products.
The major Australian banks were broadly weaker after Bank of New Zealand-parent National Australia Bank fell short of expectations with a flat profit, with credit quality back on analysts’ minds as the Middle East conflict threatens to derail the trans-Tasman economies.
Fletcher Building nudged higher amid reports that bids are coming due on its residential property division, while the power companies were mixed after the Electricity Authority ended an investigation into pricing and contract access for business users.
And Financial Markets Authority chair Craig Stobo stepped down from the regulator after an independent review into his conduct found his public comments fell short of political neutrality standards.
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