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

Vista leads NZ shares higher

NZ Newswire logoNZ Newswire 27/01/2017 Sophie Boot

New Zealand shares rose, led by Vista Group International and NZX at an 18-month high, while Fisher & Paykel Healthcare dropped after US President Donald Trump said he planned to impose a Mexican tariff.

The S&P/NZX 50 Index gained 20.93 points, or 0.3 per cent, to 7,134.26. Within the index, 31 stocks rose, 12 fell and seven were unchanged. Turnover was $82.7 million.

"It's still pretty low volumes, it'll start to pick up next week with earnings season coming in full force and we'll have sales updates from a few of the retailers coming through," said Hamilton Hindin Greene's Grant Davies.

Vista led the index, up 3.1 per cent to $5.60, while Restaurant Brands New Zealand gained 2.9 per cent to $5.63.

NZX advanced 2.8 per cent to $1.11, the highest it's traded since June 2015. Davies said the stock had a strong week, up 4.7 per cent, and had benefited from a buoyant market this week. The NZX 50 Index has gained 0.7 per cent over the course of the week.

F&P Healthcare was the worst performer, down 3.1 per cent to $8.87.

The recently inaugurated Trump said he could pay for the wall he intends to build between the US and Mexico - one of his campaign promises - by introducing a 20 per cent tariff on Mexico's imports.

"That's another Trump sell-off. With their Mexico production facility, the tariff situation Trump's talking about could have a bit of an impact, though they're really just back to where they were at the start of this week - no reason to panic," Davies said.

Contact Energy dropped 3 per cent to $4.85, and Trustpower fell 1.3 per cent to $4.70.

Comvita rose 0.7 per cent to $7.25 after plunging 17 per cent on Monday when the manuka honey products producer warned annual earnings would tumble by about two-thirds. They were trading at $7.83 prior to the earnings announcement.

image beaconimage beaconimage beacon