NZX 50 inches higher in mixed Asian trading; oil prices rise

New Zealand’s S&P/NZX 50 index inched higher in a mixed day across Asia as the tech rout on Wall Street knocked the likes of Japan’s SoftBank and South Korea’s Samsung Electronics, while Chinese markets rallied as two major state funds lifted their holdings of domestic equities.

Local travel companies shrugged off the prospect of higher fuel costs as Auckland International Airport and Air New Zealand advanced, despite Brent crude oil prices rising to their highest level in more than a month amid escalating hostilities between the US and Iran.

SkyCity Entertainment Group rose for a fourth session after Forsyth Barr analysts raised their target price on the casino operator after last week’s asset sales.

Meanwhile, Fletcher Building was unchanged after securing a government loan to keep its domestic cement manufacturing running until 2040.