Wall St weakness shrugged off; Defensive stocks gain; Genesis hits record
The S&P/NZX 50 Index rose 55.51 points, or 0.6 percent, to a record 9,574.82. Within the index, 33 stocks gained, 11 fell, and six were unchanged. Turnover was $232 million, of which $88.1 million was in Trade Me Group.
Investors on Wall Street were spooked by the technical signal of a potential recession as the yield on longer-term bonds fell below shorter-dated debt. The world's low interest rate environment has been a boon for a number of New Zealand's listed utilities, which typically deliver stable dividends.
Electricity retailer-generators are among those that have been trading at all-time highs, with Genesis the latest to hit a record. It rose as high as $3.08 and ended the day at $3.07, up 2.3 percent. About 416,000 shares changed hands, compared to its 381,000 90-day average.
Lines company Vector rose 1.7 percent to $3.59, while real estate investor Argosy Property was up 1.6 percent at $1.26.
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