F&P Healthcare powers NZX50 higher as AI-pocalypse runs into earnings
New Zealand’s S&P/NZX 50 index rose for a second day as Fisher & Paykel Healthcare extended its run after a strong earnings upgrade, and as power companies such as Meridian Energy were seen as relative safe havens in the latest bout of nerves over the encroaching reach of artificial intelligence.
Tech companies such as Serko, Gentrack, Vista Group International and Eroad didn’t fare so well as investors’ appetite for software firms is sapped by fears AI will undercut their models, although Australian-listed Xero and WiseTech Global fared worse.
Earnings season continued on at pace with electricity generator-retailer Mercury NZ, media group NZME, commercial landlord Property for Industry finding favour with investors, while Vulcan Steel and PGG Wrightson were on the red side of the ledger after their respective reports.
Genesis Energy resumed trading after raising the $100 million institutional component of its $400 million capital raising, falling modestly to hold above the discounted offer price, much like Contact Energy since its placement last week.
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