New Zealand's benchmark stock index rose to a record. Photo / File
New Zealand's benchmark stock index rose to a record. Photo / File
New Zealand's benchmark stock index rose to a record, with Fletcher Building and Sky Network Television gaining while Scales and NZX dropped.
The S&P/NZX 50 Index gained 21.19 points, or 0.2 per cent, to an all-time high of 9,084.04. Within the index, 22 stocks rose, 18 fell and 10 wereunchanged. Turnover was $108.4 million.
Trump's 25 per cent tariffs on US$34 billion ($49.9b) of Chinese goods were imposed from 4pm Friday New Zealand time. In a statement after that deadline passed, China's Commerce Ministry said the country was "forced to make a necessary counterattack" but gave no immediate details of its plans.
"Markets are anxiously awaiting the implementation of the US and then Chinese tariffs tonight, but the market is pretty flat on light volume as a few participants start to head off on holiday," said Shane Solly, director, portfolio manager & research analyst at Harbour Asset Management.
"We do see a relatively strong global economy in the scheme of things, and the New Zealand economy is strong even though it's slowing - we need to be careful about getting too negative about the series of events that's out there."
"Our market has been globally strong, and we've seen a lot of capital come in, and we seem to have paused - there's nothing unusual or wrong about that," he said.
Fletcher rose 3.4 per cent to $7.08. The embattled stock is down 6 per cent this year but has recovered somewhat after sinking to a nine-year low in April.
The shares have gained recently after chief executive Ross Taylor set out his five-year strategy to refocus on core businesses, stabilise the construction division, expand in Australia and exit non-core operations.
"It's still getting some good support from folk who are seeing a better backdrop for what the company's been doing," Solly said.
Sky TV rose 1.9 per cent to $2.76, Ryman Healthcare gained 1.8 per cent to $12.20, and Infratil rose 1.5 per cent to $3.46.
Scales Corp was the worst performer, down 2.1 per cent to $4.70. NZX fell 1.8 per cent to $1.11 and Restaurant Brands New Zealand declined 1.3 per cent to $7.73.
