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New Zealand stocks rise amid low holiday volumes

New Zealand stocks rise amid low holiday volumes

New Zealand stocks rose Monday on low volumes due to the Auckland Anniversary Day holiday.
The benchmark NZX-50 index rose 0.4 percent to 4,136.33.
Blue chip stocks made little movement during Monday's session, reflecting the absence of a number of Auckland institutional traders and investors.
Forsyth Barr adviser Tom Bliss said the market had been "treading water" with light volumes traded in many stocks. Brokers expect trade to pick up Tuesday and throughout the week as companies begin to report first-half and fiscal-year results.
Jewelry retailer Michael Hill International rose 1.4 percent to NZ$7.48 following its profit upgrade late Friday. The company said its first-half net profit is expected to rise by up to 34 percent on last year.
Infrastructure and airports investor Infratil gained 0.4 percent to NZ$5.65 after its Australian energy arm bought a 51 percent stake in Western Australia electricity retailer Perth Energy for A$7 million.
Bellwether Telecom Corp. added 0.6 percent to NZ$5.14 on late buying; energy generator and retailer Contact Energy lost 0.2 percent to NZ$8.39 and building materials maker Fletcher Building fell 0.3 percent to NZ$11.12, all on relatively light volumes.


Updated : 2021-05-06 13:11 GMT+08:00