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Market Wrap with James Smalley - 10 April 2018

New Zealand shares stayed just above water today, with wins from Pushpay and IkeGPS overcoming further losses for Orion Health.

The S&P/NZ50 Index gained 15.64 points, or 0.18%, to 8469. Turnover was $97 million. Orion Health was down 6.25%, to 75c, marking a slight turn into the red after yesterday’s 80c finish.

Today’s close ends its surge on the back of trade sale speculation reported by NBR and that the company later confirmed was a possibility. “The market will certainly be looking for any more tangible signs that there is a potential trade buyer in the wings,” says Hamilton Hindin Greene director James Smalley.

Today’s winners included Pushpay, which was up 10c to $4.27, and IkeGPS, which rose 3.5c to $0.485. Metro Performance Glass was down 2c to $0.75, furthering losses from a recent downgrade in annual net profit ended March last year and the departures of its chief executive and chairman last year.

Mr Smalley says the market has been steady lately, despite threats between the US and China over trade tariffs and statements from President Donald Trump indicating the possibility of a trade war. “People seem to be taking this idea of this trade war or tit-for-tat tariffs with maybe a grain of salt and I think that the bark is worse than the bite.”

Filed under James Smalley \ NBR

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