Sophie Boot
29 April 2016
The S&P/NZX 50 Index gained 30.6 points, or 0.5 per cent, to 6,820.59. Within the index, 20 stocks rose, 20 fell and nine were unchanged. Turnover was $213.8 million.
“A lot of the increase is simply the effect of Z being up, but certainly given the offshore leads it’s a not a bad performance by what has been a stronger performing market for a number of years now,” said Matt Goodson, managing director at Salt Funds Management.
“Year-to-date our market is up about 7.4 per cent, which is about 7.4 per cent more than you’d get at the bank.”
Z Energy led the index, gaining 9.7 per cent to $7.84. It hit a record $7.90 in intraday trading after the Commerce Commission approved its bid to buy rival Caltex and Challenge! petrol station chains, saying price coordination at some stations wasn’t enough to turn it down and in regions where Gull stations operate, there is more competition.
Subscribe to our free mailing list and always be the first to receive the latest news and updates.