NZ stocks inch higher ahead of earnings season

The S&P/NZX 50 index rose 1.64 points, or 0.02 percent, to 9110.55. Within the index, 29 stocks rose, six were unchanged and 15 fell. Turnover was $120.8 million.

US markets finished slightly higher, aided by good results from semiconductor makers and airlines. But Commerce Secretary Wilbur Ross downplayed the prospect of quick progress in US-China trade talks next week saying the parties were “miles and miles” from a resolution, although a lot of preparatory work had been done.

The S&P500 index rose 0.1 percent and the Nasdaq was 0.7 percent higher. In Australia, the S&P/ASX 200 was up 0.8 percent, and in Japan the TOPIX was 1 percent higher.

Greg Smith, head of research at Fat Prophets, said the local market has started the year well. While the outlook remains mixed, given the on-going US-China trade issue and the partial government shutdown in the US, investors have nevertheless been adding a mix of both defensive stocks – like power companies – and some growth stocks, such as Pushpay Holdings, to their portfolios.