New Zealand Equities Flat Amid Lack of Headlines; Infratil Rises on Planned Infrastructure Bonds Offer

MT Newswires Live
2024-11-21

New Zealand shares ended Thursday trade flat with a positive bias amid a mixed performance on Wall Street and a lack of catalyst domestically.

The S&P/NZX 50 Index was little changed at 12,765.24. The index has gained 0.6% over the past five trading days.

Technology services and consumer durables stocks were among the biggest gainers on Thursday as they rose 3.2% and 2.4%, respectively.

Trading on Wall Street was mixed overnight, with the Nasdaq Composite falling 0.1%, the Dow Jones Industrial Average up 0.3%, and the S&P 500 little changed. Tech giant Nvidia reported adjusted per-share earnings of $0.81 for the fiscal third quarter, up from $0.40 a year earlier and above FactSet's consensus of $0.70.

In domestic news, New Zealand's total credit card spending rose 1.1% month on month to NZ$4.46 billion in October, following a 0.3% decline in September, according to data from the Reserve Bank.

In corporate news, Infratil (ASX:IFT, NZE:IFT) disclosed a plan to offer six-year unsecured, unsubordinated, fixed-rate infrastructure bonds. The global infrastructure investment company's shares edged almost 1% higher at market close.

AFT Pharmaceuticals (NZE:AFT, ASX:AFP) reported a net loss after tax of NZ$2.4 million for the six months to September, compared with a net profit of NZ$1.8 million in the year-earlier period. Operating revenue, however, rose 4% to NZ$86.7 million. The company's shares gained over 4% Thursday.

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