Shares flat and dollar higher as dairy prices boom

The S&P/NZX 50 Index rose 14.77 points, or 0.1%, to 12,345.9. Within the index, 21 stocks fell, 24 rose, and five were unchanged. Turnover was $150 million.

Grant Williamson, a director at Hamilton Hindin Greene, said it was a disappointing outcome after opening stronger and with the Aussie market up 0.8%. 

The biggest news was in the commodities market, where milk powder prices soared 21% in the overnight Global Dairy Trade auction on surging demand from China.

“It is good for the overall NZ economy, but doesn’t always mean it is good news for the likes of A2 who need to buy the raw products to process,” Williamson said.