Napier Port has promising debut; NZ shares rise
The S&P/NZX 50 Index rose 101.36 points, or 0.9 percent, to 10,803.84. Within the index, 28 stocks rose, 16 fell and six were unchanged. Turnover was moderate at $105.4 million.
Hamilton Hindin Greene investment adviser Grant Williamson said the local market was responding to strong markets overseas, with expectations interest rates may come down even further.
Napier Port was the standout today, trading as high as $3.04, with more than 16.1 million shares changing hands. Hawke's Bay Regional Council raised $234 million, selling 90 million shares, or 45 percent, of the port operator.
"Everyone involved will be pleased with how it's gone," said Grant Davies, also at Hamilton Hindin Greene. "Demand out there for infrastructure stocks is high at the moment and it's an area where there's not enough supply."
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