NZ shares edge up; rising oil prices keep Air NZ cautious
The S&P/NZX 50 index increased 3.89 points, or 0.04 percent, to 9,349.85. Within the index, 23 stocks gained, 18 fell and nine were unchanged. Turnover was $177.4 million.
Air New Zealand's annual meeting was the highlight for the day and came in the week Brent crude prices rose above US$80 a barrel for the first time in four years. The national carrier enjoyed record earnings in recent years but has warned rising jet fuel costs will weigh on earnings. The shares slipped 0.3 percent to $3.06.
"It's going to be an increasing headwind for the global airline industry as their hedges roll off and oil prices remain high," said Greg Smith, head of research at Fat Prophets.
Auckland International Airport fell 0.8 percent to $7.39. The airport operator raised $150 million through a six-year bond offer.
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