Blue-chip stocks lift New Zealand sharemarket to record close as oil price falls – Market close

Résumé détaillé

Blue-chip stocks were in demand as the New Zealand sharemarket climbed nearly 1.4% following a rebound on Wall Street and a drop in the oil price. The S&P/NZX 50 Index rose…

Rocket Lab beat Wall Street estimates with a 72.7% increase in revenue.

Blue-chip stocks were in demand as the New Zealand sharemarket climbed nearly 1.4% following a rebound on Wall Street and a drop in the oil price.

The S&P/NZX 50 Index rose gradually through the morning and lunchtime, then traded steadily in the afternoon to finish at a new high of 14,167.41, up 193.79 points, or 1.39%.

The index beat the previous record close of 14,090.97 points achieved last Thursday.

On the main board there were 94 gainers and 40 decliners among 177 stocks, and volumes reached 32 million shares worth $131.5 million.

Market leader Fisher & Paykel Healthcare, gaining 56c to $48.54, accounted for $25.08m of the day’s trading.

Paul Robertshawe, chief investment officer at Octagon Asset Management, said the market tone was better and the oil price fall has helped New Zealand, as well as everyone else.

“The market is waiting with bated breath for the latest reporting season [over the next two weeks],” he said.

“The companies have become pretty good at providing warnings in advance, if needed, and I think the earnings results will be okay.

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