Exporters F&P Healthcare, A2 enjoy weak kiwi; NZX rises
The S&P/NZX50 rose 104.46 points, or 1.1 percent, to 9,661.19. Within the index, 27 stocks fell, 20 rose and three were unchanged. Turnover was $170.6 million.
The local market joined Australia's rally, where the S&P/ASX 200 Index was up 3.5 percent in late trading, with healthcare stocks driving the Australian market.
Grant Davies, an investment adviser at Hamilton Hindin Greene, said the increase on the NZX50 was driven by F&P Healthcare and A2 Milk, which are two of the country's biggest listed companies. F&P Healthcare rose 6.6 percent to $30.35 and A2 Milk rose 2.8 percent to $16.92.
“The two largest companies are both enjoying good days, as both exporters are benefitting from a weaker New Zealand dollar,” he said. Earlier this month, the kiwi dollar dropped below 60 US cents for the first time since 2009, and it traded at 60.22 cents at 5pm in Wellington.
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