NZX market closes up following optimism around Trump's health

Monday, 5 October 2020

The New Zealand stock market closed up 0.64 per cent on Monday as optimism grew around United States President Donald Trump’s health.

The NZX 50 index ended Monday up 75.418 points, at 11898, marginally stronger than on Friday.

Hamilton Hindin Greene financial adviser Mark Hampton said the NZX rallied on Monday afternoon when the Australian markets opened.

The markets had a stronger day following the prospect of Trump’s early hospital discharge after testing positive for Covid-19 over the weekend, Hampton said.

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The NZX 50 index ended Monday up 75.418 points, at 11898, marginally stronger than on Friday.

“It’s more of a bounce back. As soon as there is any positive news the market jumps on it. Most stocks are up today,” he said.

Pushpay was among the biggest movers, falling 4 per cent as investors probably cashed in on recent strong gains, Hampton said.

“That company has done really well lately, so possibly people cashing in on that.”

US President Donald Trump briefly left Walter Reed National Military Medical Center for a driveby to greet supporters.

Fletcher Building closed up 2.72 per cent or 11 cents to $4.16 following Labour’s announcement late last week promising to axe and replace the Resource Management Act.

Hampton said the banks were doing well in Australia, which reflected in a strong performance from ANZ which was up 3.18 per cent at $19.15 and Westpac closed up 3.33 per cent at $18.64.

Logistics and transport companies Mainfreight and Freightways were also up as global oil prices fell, probably due to US Democratic presidential nominee Joe Biden favouring renewable energy, Hampton said.

Mainfreight closed up 2.17 per cent at $47 and Freightways closed up 3.18 per cent at $8.10.

Of the other top 10 stocks A2 closed up almost 1 per cent or 15c at $15.35, while Fisher & Paykel Healthcare rose 1.96 per cent to $33.80, and Air New Zealand was up 1 per cent to $1.5.

Energy stocks, Genesis Energy was down 0.66 per cent at $3.025, and Meridian Energy also fell 1.41 per cent to $4.90.

Meanwhile, Trustpower closed up 0.14 per cent to $7.17 and Contact Energy also rose 1.73 per cent to $7.05.

Telecommunications infrastructure company Chorus fell 1.05 per cent to $8.51, and Spark was also down 0.64 per cent to $4.63.

Auckland Airport closed down 0.82 per cent at $7.30 but retirement stocks rallied, with Ryman shares up 1.10 per cent to $14.66, Summerset up 0.22 per cent to $9.07.