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New Zealand stocks rise as local currency steadies

New Zealand stocks rise as local currency steadies

New Zealand stocks rose Thursday despite a subdued showing from bellwether Telecom after its third-quarter result, as investors followed a positive lead from offshore.
The benchmark NZX-50 index was up 15.7 points, or 0.4 percent, to 4,202.67.
The New Zealand dollar continued to be a major influence on the market, with the local unit's consolidation this week helping investor sentiment, said Jennifer Moreton, client adviser at ABN Amro Craigs.
"The (New Zealand) dollar dropping under 74 (U.S.) cents and then holding there today will be seen as positive for the market," she said.
Heavyweight stock Telecom closed flat at NZ$4.87 after it posted third-quarter net profit up 7.2 percent to NZ$238 million, and fiscal-year forecasts and capital expenditure plans that were in line with market expectations. It also, as expected, detailed a NZ$1.1 billion capital return.
Building materials maker Fletcher Building added 0.9 percent to NZ$11.40.
Stocks hurt by the New Zealand dollar's strength in recent months continued to stabilize, with carpet maker Cavalier up 3.9 percent to NZ$3.20, rubber product manufacturer Skellerup gaining 0.9 percent to NZ$1.19 and clothing retailer Pumpkin Patch up 3 percent to NZ$4.48.
Radio and television station operator CanWest MediaWorks was up 0.9 percent to NZ$2.30 on strong volumes, boosted by intensifying M&A speculation in the Australian media sector.
Tourism stock that have been buoyed by improving visitor numbers in recent weeks continued their rise.
Auckland International Airport added 2.8 percent to NZ$2.61 while national carrier Air New Zealand advanced 2.2 percent to NZ$2.81.


Updated : 2021-05-16 15:06 GMT+08:00