NZ stocks gain; investors seek value ahead of earnings season

The S&P/NZX 50 index rose 50.86 points, or 0.6 percent, to 9,148.57. Within the index, 40 stocks rose, six were unchanged and four fell. Turnover was light at $67.9 million, with much of the country on holiday marking Wellington Anniversary Day.

“There are pretty mixed signals on the economy and I think investors are struggling a little bit to position themselves for the year ahead,” said Grant Williamson, investment advisor at Hamilton Hindin Greene.

“Investors are being pretty selective on what they are buying at the moment,” he said. “Yield and high-growth stocks seem to be on the table.”

Spark New Zealand, up 0.3 percent at $4.05, again led turnover with 3.6 million shares changing hands. That was slightly ahead of the daily average for the past three months.