The New Zealand stock market made another small gain during Friday’s cropped holiday session, but it was eclipsed by the Wall Street benchmark hitting its 68th record for the year.
The S & P / NZX50 index closed up 0.2%, or 25.7 points, at 12,888.41, after an even smaller gain on Thursday.
Flagship Fisher & Paykel Healthcare stock was unchanged at $ 32.85, as was Mainfreight, which closed at $ 91.00.
Craigs Investment Partners adviser Peter McIntyre said volume was very low, as expected, ahead of the Christmas holidays.
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“It was a reasonable day for us. It’s been a reasonable day in Asia, with solid leads overnight, less fear over Omicron.
Investors in the market appeared to have estimated that the economic damage from the latest variant of Covid would be less severe than expected.
Auckland Airport rose 0.4% to $ 7.60, Spark fell 0.5% to $ 4.55, Meridian Energy rose 0.2% to $ 4.92 and Contact Energy gained 0.3% to $ 7.89.
Oceania Healthcare was the best performer of the day, up 2.2% to $ 1.34. Overall, 29 stocks gained and 15 stocks fell in the pre-holiday session.
Health products distributor Ebos was one of the most notable stocks of the year, up 11% for the week and 40% for the past 52 weeks.
On Friday, it closed 0.7% higher at $ 40.08.
“At the start of 2021, a lot of brokers were talking about the star alignment for Ebos, and it was. He had a very solid finish, ”said McIntyre.
Trading in the New Zealand stock market would resume Wednesday for the last week of the year.
The NZX had underperformed other markets around the world, especially those in the United States which had a strong 2021, McIntyre said.
It has been a difficult year for New Zealand businesses, with inflationary fears returning and rising interest rates.
The health of the company was strong on the NZX50, with well-capitalized balance sheets, but it was just a matter of where do we go from here, he said. Offshore M&A activity could be a positive influence in New Zealand in 2022.
Across Tasman, the benchmark S & P / ASX200 rose 0.6%, or 45.5 points, to 7,433.1 in the late afternoon.
Earlier, Wall Street closed a week of holiday-cut trading with a large stock rally that pushed the benchmark S&P 500 to its 68th all-time high this year.
The S&P 500 rose 0.6%, or 29.23 points, to 4,725.79. It is now up 25.8% for the year with just five trading days remaining in 2021.
The Dow Jones Industrial Average rose 0.6%, or 196.67 points, to 35,950.56. The tech-rich Nasdaq gained 0.8%, or 131.48 points, to 15,653.37.
Traders weighed in a mixture of economic data. The Commerce Department said U.S. consumer prices rose 5.7% in November from a year earlier, the fastest pace in 39 years, as a surge in inflation confronts Americans with the holiday shopping season.
Meanwhile, the Labor Department reported that the number of Americans claiming unemployment benefits was unchanged last week, remaining at an all-time low that reflects the strong recovery in the labor market after the year’s coronavirus recession. last.
U.S. markets will be closed Friday (U.S. time) before Christmas.
– With PA