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Shares touch new record, Air NZ flies high

NZ Newswire logoNZ Newswire 5 days ago

NZX signage  in Wellington.  (File photo) © Hagen Hopkins/Getty Images NZX signage in Wellington. (File photo) New Zealand shares touched a new record on Tuesday as Air New Zealand rose to a 16-year high, but finished the day flat.

This came after weaker blue chip stocks including Ryman Healthcare, Spark and Auckland Airport weighed on the bourse.

The S&P/NZX 50 index dipped 5.5 points, or 0.07 per cent, to 7586.53, having touched a new intraday record 7613.19.

Within the index, 20 stocks rose, 21 fell and nine were unchanged. Turnover was $128 million.

Blue chip stocks Ryman Healthcare fell 1.4 per cent to $8.35, Spark dropped 1.3 per cent to $3.765 and Auckland Airport declined 1.3 per cent to $6.95.

Dual-listed lenders ANZ Banking Group and Westpac Banking Corp decreased 0.8 per cent to $29.37 and 1 per cent to $31.89 respectively after Moody's Investors Service downgraded its ratings for the big four Australian banks.

"Our market is just hovering along with very little news," said Grant Williamson, a director at Hamilton Hindin Greene in Christchurch.

"We're still in a bit of a range, having seen that for the last month or so, although we are pretty near the top of the range."

CBL Corp, the newest addition to the benchmark index, led the market lower falling 1.5 per cent to $3.28.

Stocks across Asia were mixed after Wall Street was buoyed by a recovery in tech stocks. Local tech companies Xero and Vista Group International were the biggest gainers on the NZX 50, up 3.6 per cent to $26 and 2.4 per cent to $6 respectively.

Air New Zealand rose 1.9 per cent to $3.25, its highest level since early September 2001, and extending the 45 per cent rally so far this year.

The national carrier Tuesday reported another increase in monthly passenger numbers in its May operating metrics.

"Oil prices are still slipping on the international stage at the moment and that's good news for the airlines," Mr Williamson said. "Their passenger numbers are pretty impressive as well."

Port of Tauranga gained 0.7 per cent to $4.52 after marking its millionth container handled in a year.

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