NZ shares inch higher as investors eye upcoming AGMs
The S&P/NZX 50 index increased 8.45 points, or 0.1 percent, to 9,345.96. Within the index, 22 stocks gained, 20 fell and eight were unchanged. Turnover was $157.5 million.
Grant Williamson, a director at Hamilton Hindin Greene, said a number of companies held off providing earnings outlooks at their annual earnings, preferring instead to wait for the AGM.
"After a few months of trading under the bridge you should have a clear idea on providing some earnings guidance," he said.
Air New Zealand fell 1.6 percent to $3.07 ahead of tomorrow's annual meeting in Christchurch. The national carrier told customers over the weekend it plans to pare some international routes, blaming engine issues with some of its Dreamliner fleet among the challenges it's faced. Other annual meetings tomorrow include Turners Automotive Group, which gained 1.8 percent to $2.90, and NZ Windfarms, which was unchanged 12.3 cents.
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