You are using an older browser version. Please use a supported version for the best MSN experience.

Market rattled as investors assess quake

NZ NewswireNZ Newswire 14/11/2016 Sophie Boot

New Zealand shares rose, led by companies that stand to benefit from earthquake repairs such as Fletcher Building and Metro Performance Glass, while general insurer Tower was the biggest decliner.

The S&P/NZX 50 Index rose 39.98 points, or 0.6 per cent, to 6,737.76. Within the index, 19 stocks rose, 27 fell and five were unchanged. Turnover was $109 million.

The magnitude 7.5 quake just after midnight in the upper South Island cut roads, power and phone lines, disrupted rail and port services and left Wellington's CBD as a ghost town after Civil Defence warned people to stay at home while buildings were checked for damage.

While the late quake was bigger than the Feb. 22, 2011, quake that devastated Christchurch, the most severe damage was limited to smaller centres.

Fletcher rose about 4 per cent to $10.53. Metroglass rose about 1 per cent to $2.13 and Steel & Tube Holdings rose 1.3 per cent to $2.27. Tower dropped 7.1 per cent to 79 cents while Tourism Holdings fell 2.4 per cent to $3.20.

"So far it appears most of the damage is relatively superficial for most companies," said Mark Lister, head of private wealth research at Craigs Investment Partners. "There are definitely some companies which might be more affected, for example Tower is the biggest loser in the NZX 50 today, and Tourism Holdings is down - obviously there's the expectation that tourism might take a hit because of what international people see on the news."

"On the other side of the coin, Fletcher Building and Metroglass are up - they're the companies that will be involved in the rebuild," he said.

Among other gainers, SkyCity Entertainment Group rose 2.5 per cent to $3.70, Spark NZ gained 2 per cent to $3.37 and a2 Milk rose 1.9 per cent to $2.13. Orion Health Group gained 1.8 per cent to $2.85.

Mainfreight slipped 0.1 per cent to $18.87 and Freightways dropped 0.8 per cent to $6.38.

Port of Tauranga fell 3.4 per cent to $3.65 after port companies around the country said they expected disruptions from the quake ranging from cancelled Cook Strait ferry sailing to rail lines closed for checking.

Kiwi Property Group gained 0.7 per cent to $1.405 after property companies said they were largely unscathed after the quake. Argosy Property rose 0.5 per cent to $1.01 and Stride Property dropped 0.6 per cent to $1.79.

Abano Healthcare Group rose 2.4 per cent to $8.50.

image beaconimage beaconimage beacon