Gold, traditionally a safe haven in troubled times, has again broken through the US$2000 mark and was trading at US$2055 an ounce (at 5.45pm NZ time).
Greg Smith, head of retail with Devon Funds Management, said it looks like investors are coming back to the local market and buying the recent dips, with the more defensive stocks like Contact and Spark holding up.
He said the surge in commodity prices is putting pressure on inflation, but the rises can't be sustained as the natural supply and demand takes over and brings inflation down in time.
The sanctions are causing the Russian economy to crater, said Smith. "It's estimated the war is costing Russia around US$20 billion a day, and any view that it would all be over quickly is now well off base. The conflict is set to drag on for many more weeks and this will require much more in the way of financial resources."
Dividend-paying Contact Energy rose 15c or 1.89 per cent to $8.09, while Meridian was down 5c to $5.13 and Mercury declined 18c or 3.14 per cent to $5.56.
Smith said the Tiwai Point aluminium smelter has gone from losses to being on track to make $700m a year and its closure is now almost off the table. This was good news for Contact and Meridian which supply electricity to the smelter.
Market leader Fisher and Paykel Healthcare rebounded, 20c to $26.65; Spark was up 9c or 1.95 per cent to $4.70; EBOS Group increased 45c to $37.50; a2 Milk collected 4c to $5.71; and Briscoe Group picked up 10c or 1.92 per cent to $5.84.
Global transport and logistics operator Mainfreight has closed its Ukraine office and suspended services into and out of Russia. Mainfreight said its team members are safe and those wanting to leave Ukraine are being assisted with transport and relocation into other European operations. Mainfreight's share price was up 32c to $77.
Retirement village operators Ryman Healthcare was up 13c to $9.45, and Summerset Group Holdings increased 12.6c to $11.42. Utilities investor Infratil increased 12c to $8.14, and seafood exporter Sanford rose 15c or 3.41 per cent to $4.55.
Rakon gained 4c or 2.45 per cent to $1.67; Steel & Tube increased 4c or 2.65 per cent to $1.55; Pushpay Holdings gained 1c to $1.03; and cancer diagnostic firm Pacific Edge recovered 2c 2.35 per cent to 87c.
In substantial holdings notices to the market, Accident Compensation Corporation (ACC) increased its stake in Pushpay to 5.03 per cent, and Harbour Asset Management topped up its shareholding in Pacific Edge from 12.1 per cent to 12.68 per cent.
Recent listings Vulcan Steel was up 12c to $9.69; Ventia Services Group gained 6c or 2.4 per cent to $2.56; TradeWindow rose 7c or 3.65 per cent to $1.99; and DGL Group was down 12c or 4.04 per cent to $2.85.
New Zealand Oil & Gas continued to climb, increasing 3c or 5.56 per cent to 57c as the energy prices rise.
Fletcher Building was down 9c to $6.26; Freightways declined 12c to $12.05; Port of Tauranga decreased 7c to $6.16, Vista Group fell 5c or 2.72 per cent to $1.79; EROAD lost 10c or 2.79 per cent to $3.49; and Geneva Finance fell 4c or 6.35 per cent to 59c.
Insurer Tower increased 0.007c to 70.5c after telling the market it is beginning the capital return of $30.4m to shareholders. Payments will be processed by March 22.
Plexure Group rose 2.5c or 7.94 per cent to 34c on the news that its TASK software business is designing and developing a new mobile application for the Accord Stadium at Sydney Olympic Park. The app will enhance the stadium's loyalty programme.
