Weaker Kiwi buoys A2, F&P Healthcare
The S&P/NZX 50 Index rose 39.16 points, or 0.3 percent, to 11,873.98. Within the index, 17 stocks gained, 24 fell, and nine were unchanged. Turnover was $87.6 million, with just four stocks trading on volumes of more than a million shares.
Equity markets across Asia were mixed, with investors sitting on the sidelines as they continue to digest the impact of the coronavirus outbreak, especially with Wall Street closed for the President’s Day holiday.
Prime Minister Jacinda Ardern today said Treasury downgraded its economic growth outlook, and the kiwi dollar has remained under pressure as a result, dropping below 65 US cents at the end of January.
Peter McIntyre, an investment adviser at Craigs Investment Partners, said a number of trade and travel focused companies had been affected by the outbreak of the covid-19 virus, but that the weaker currency acted as a shock absorber for them.
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