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New Zealand stocks set fresh high in second straight session

New Zealand stocks set fresh high in second straight session

Solid offshore markets drove New Zealand to a record closing high for the second straight session Thursday, though brokers are divided on whether the recent strong run will continue through year-end.
The benchmark NZX-50 finished up 15 points, or 0.4 percent, at 4,047.29, a fresh closing high.
Friday's holiday-shortened session will close "almost before the Australian Stock Exchange opens," drying up liquidity and potentially prompting volatile moves in either direction, said Nigel Scott, a retail adviser at ABN AMRO.
Other brokers say year-end book squaring should ensure a positive finish to the year.
Notable performers included Ryman Healthcare, which rose 1.4 percent to NZ$10.75, and Tower Ltd., which rose 4 percent to NZ$2.27. Brokers said the movements were exaggerated by thin trading volumes.
Bellwether Telecom Corp. of New Zealand rose 2.3 percent to NZ$4.90, a fresh 7-month high.
Dual-listed stocks performed well, with Australia-based AMP Ltd. up 0.9 percent to NZ$11.30 and Telstra Corp. up 2.2 percent to NZ$4.60, taking their lead from Australian trading.
On the flip side, Fletcher Building fell 1 percent to NZ$10.95 on profit-taking after its recent run up.
Exporters continued to feel the profit squeeze of a higher New Zealand dollar, which is expected to end the year at 12-month highs around US$0.7000. Nuplex was down 0.7 percent to NZ$7.40.


Updated : 2021-02-27 21:32 GMT+08:00