NZX50 hits record; buoyed by business confidence, M&A
The benchmark index rose a high as 11,273.22, and ended the session at 11,207.29, up 86.48 points, or 0.8 percent. Within the index, 31 stocks rose, nine fell and 10 were unchanged. Turnover was $108.4 million.
Firms' expectations for both the general economy and their own trading improved in ANZ's November business outlook, the latest piece of data that has been better than economists' expectations. ASB Bank economists pared back their expectations for interest rate cuts on the news, and now anticipate just one reduction in 2020 rather than the two previously forecast.
Investor sentiment was already elevated with a number of solid results in the September and March balance date reporting season. That received another tailwind as cashed-up overseas buyers have shown renewed interest in listed companies across Australia and New Zealand, such as Canada’s Alimentation Couche-Tard bid for Caltex Australia.
Fishing group Sanford led the market higher, up 3.4 percent at $7.65 on a volume of just 11,000, well down on its 90-day average of 176,000. The company reported a small decline in annual profit earlier this month, overcoming a voluntary reduction in its hoki take to help maintain stocks, and also the mooring of a deepwater vessel for three months.
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