Market Announcements
Market Summary
The New Zealand sharemarket staged a late rally yesterday, unperturbed that the Reserve Bank across the Tasman hiked interest rates because of rising inflation. The S&P/NZX 50 Index had a sharp rise in the last hour of trading and closed at 13,182.23, up 17.65 points or 0.13% after reaching an intraday low of 13,115.54. There were 62 gainers and 66 decliners on the main board with 32.02 million shares worth $130.05m changing hands. The S&P/ASX 200 Index also held its ground, gaining 0.39% to 8617.3 points at 6pm NZ time.
The Reserve Bank of Australia increased its cash rate, as expected, by 25 basis points to 4.1%, saying there is a material risk that inflation will remain above target for longer than previously anticipated. “The conflict in the Middle East has resulted in sharply higher fuel prices, which, if sustained, will add to inflation. Short-term measures of inflation expectations have already risen,” the bank said. “Higher prices and prolonged uncertainty may cause growth to be lower in Australia’s major trading partners and also in Australia.”
By the end of the day the NZ dollar was steady at A82.6c against the Australian. The oil price was also steady, with Brent Crude trading at US$102.7 a barrel, up 2.5% for the day. ANZ Research said the Selected Price Indexes for February were a touch stronger than expected, and its first quarter consumers price index (CPI) forecast of a 0.6% increase was “tilted slightly to the upside.” The bulk of the impact from the oil price shock, assuming it’s sustained, will fall in the second quarter CPI, ANZ said.
Market leader Fisher and Paykel Healthcare gained 28c to $38.63; Meridian Energy was up 9c to $5.47; Vista Group added 4.5c or 2.49% to $1.85; Seeka increased 10c or 1.85% to $5.50; and NZME collected 2c or 1.79% to $1.14. Mercury Energy, up 5c to $6.45, has opened the fifth renewable energy generation unit at its Nga Tamariki geothermal station near Taupo at a cost of $220m. The new unit lifts the station’s annual average generation to 1120GWh, enough to power all residential homes in Christchurch. Mercury said the Ngā Tamariki expansion will help deliver 3.5 Terawatt-hour of new generation by 2030 - about 8% of New Zealand’s annual energy demand.
My Food Bag increased 3c or 15% to 23c after reporting increased sales in the second half of the 2026 financial year and forecasting full-year net profit of $6.4m-$6.8m, above the previous year’s $6.3m. Revenue growth is expected to be 6% for the half-year and 4.9% for the 12 months ending March, My Food Bag said.
Ebos Group was down 39c or 1.72% to $22.25; Mainfreight declined $1.50 or 2.39% to $61.30; Freightways eased 15c to $13; Skellerup shed 14c or 2.48% to $5.50; and Ryman Healthcare was down 5c or 2.16% to $2.26. Tourism Holdings declined 11c or 4.91% to $2.13; Serko shed 11.5c or 5.81% to $1.865; Turners Automotive decreased 18c or 2.15% to $8.21; Sky TV fell 14c or 4.39% to $3.05; and Winton Land was down 6c or 2.94% to $1.98. In the property sector, Kiwi was down 2c or 2.11% to 93c, and Precinct decreased 2.5c or 2.27% to $1.075.
Amongst the mining stocks, Santana Minerals was up 3c or 3.19% to 97c, and Rua Gold declined 6c or 3.23% to $1.80. Taiko Critical Minerals, down 0.005c or 2.04% to 24c, was back trading after retracting its financial model for the West Coast Barrytown project. NZX supervisor NZ RegCo indicated that the independent advisor who prepared the model did not meet the definition of a competent person under the joint ore reserves committee code. Manuka Resources, unchanged at 13.9c, reported a $12.87m loss for the six months ending December compared with $8.37m loss in the previous corresponding period. The miner has $11.1m in cash and an additional $9.3m in short-term liquidity. Manuka Resources said it is considering a number of options to progress the final environmental approvals for the Taranaki vanadium project. The marine and discharge consents were declined by an expert panel.
Source: Business Desk
Australian Market Report
Ahead of the local open SPI futures were 12 points higher at 8669.
- close [Morningstar with AAP]: The Australian share market moved higher after the Reserve Bank increased interest rates in a closely divided decision, raising expectations that the central bank may pause further hikes in May.
The benchmark S&P/ASX200 index rose by 30.9 points, or 0.36 percent, to close at 8,614.3 on Tuesday. The broader All Ordinaries index also gained, climbing 26 points, or 0.3 percent, to 8,819.4. The market had been trading flat around midday but strengthened after the Reserve Bank lifted the cash rate to 4.1 percent, citing ongoing inflation concerns, including rising fuel prices linked to the conflict involving Iran.
Betashares chief economist David Bassanese noted that the Reserve Bank's narrow 5-4 decision indicated that another rate hike at the May policy meeting is not guaranteed. He added that much will depend on the first-quarter inflation data due in late April, as well as whether the recent spike in energy prices proves to be sustained.
IG analyst Tony Sycamore shared a similar view, saying the lack of consensus among policymakers reduced the perceived aggressiveness of the rate hike. He suggested that any additional increase in May would require strong supporting data rather than being a foregone conclusion.
Globally, oil prices remained volatile due to ongoing tensions in the Middle East. Brent crude was trading at around $102.60 per barrel on Tuesday afternoon after briefly dipping below $100 overnight.
Across the Australian market, six of the 11 sectors closed higher, while five finished lower. The technology sector was the weakest performer, falling 1.3 percent as Wisetech Global dropped 3.0 percent and Life360 declined 2.3 percent.
In contrast, the mining sector posted solid gains, rising 1.0 percent. BHP increased 1.1 percent to $49.73, Fortescue climbed 1.3 percent to $19.95, and Rio Tinto edged up 0.3 percent to $155.18.
Gold mining stocks performed strongly as gold prices rose to $5,034 per ounce, up approximately $22 from the previous day. Ten of the top twelve gainers in the ASX200 were gold miners, with Pantoro Gold leading the way with a 12.0 percent surge. Evolution increased 3.7 percent, Westgold rose 4.9 percent, and West African Resources gained 5.8 percent to $2.94 after reporting a net profit of $567 million for 2025.
The financial sector also contributed to the market's gains, with all four major banks finishing higher. Westpac rose 1.4 percent to $41.49, NAB gained 0.9 percent to $47.46, CBA increased 0.3 percent to $176.12, and ANZ edged up 0.2 percent to $37.53.
Consumer discretionary stocks, however, faced pressure due to concerns that higher interest rates could impact household spending. Temple & Webster fell sharply by 7.6 percent, while Breville declined 2.4 percent. JB Hi-Fi was an exception, posting a modest gain of 0.6 percent.
In the energy sector, New Hope dropped 6.4 percent to $4.96 after reporting a profit of $54.3 million for the six months to January 31, significantly lower than the $340.3 million recorded in the same period a year earlier.
Among smaller companies, AML3D surged 25.9 percent to 17 cents after announcing a $9.9 million order from a US military shipbuilder.
The Australian dollar strengthened, trading at 70.61 US cents, up from 70.15 US cents at 5 p.m. on Monday.
Overall, the S&P/ASX200 closed up 30.9 points, or 0.36 percent, at 8,614.3, while the All Ordinaries rose 26 points, or 0.3 percent, to 8,819.4.
Companies commencing Ex-Dividend Trading Today (ASX 300):
Auckland International Airport Limited
Supply Network Limited
Overseas Market Report
[Morningstar with Dow Jones]:
U.S. stocks ended higher. The DJIA lifted 0.1% to 46,993.26, the S&P 500 increased 0.2% to 6,716.09, and the Nasdaq gained 0.5% to 22,479.53.
Among S&P 500 companies, the top three gainers were Western Digital Corp WDC surging 9.64%, Ares Management Corp ARES jumped 6.57%, and Delta Air Lines Inc DAL lifted 6.56%.
The biggest decliners were The Trade Desk Inc TTD which dropped 7.42%, Eli Lilly and Co LLY fell 5.93%, and Corpay Inc CPAY lost 3.96%.
Asia
Chinese shares closed lower. The benchmark Shanghai Composite Index dropped 0.9% to 4,049.91, and the Shenzhen Composite Index slipped 1.9% to 2,655.04.
Hong Kong shares ended higher. The benchmark Hang Seng Index added 0.1% to 25,868.54.
Japanese shares closed lower. The Nikkei Stock Average declined 0.1% to 53,700.39.
India shares ended higher. The BSE SENSEX gained 0.8% to 76,070.84.
Europe
Stocks in the U.K. finished higher. The FTSE 100 Index added 0.8% to 1,0403.6.
In Europe, shares closed higher. Germany's DAX rose 0.7% to 23,730.92, and France's CAC 40 increased 0.5% to 7,974.49.
