NZ shares spring into September on hopes of economic revival
The S&P/NZX 50 Index advanced 107.84 points, or 0.9%, to 12,555.52. Across the main board, 93 stocks rose, 45 fell, and 41 were unchanged. Turnover was $114.3 million, with eight companies trading on volumes of more than a million shares as reweightings of MSCI indices and KiwiSaver fund flows stoked some activity.
A sharp reversal of business confidence and the Reserve Bank of NZ’s (RBNZ) pathway to lower interest rates stoked optimism that the economy would bounce back from the protracted downturn, which weighed on the latest company earnings season.
“Earnings were a bit weak, but that was no surprise given the state of the economy,” Matt Goodson, managing director at Salt Funds Management, said. “That weakness was priced and expected, and where companies met expectations, they tended to get rewarded – they didn’t even have to beat expectations.”
Ryman Healthcare rose 1% to $4.90 on a volume of 2.5m shares. The retirement village operator said it would offer a new pricing structure for new residents starting in October and change its accounting treatment of deferred management fees to align with residents' longer tenure.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)
