28 Jan 2015

New Zealand shares rise for fourth day

6:12 pm on 28 January 2015

New Zealand shares rose again for a fourth day, the benchmark Top 50 Index up 57 points to yet another record at 5795 points.

Director at Murray & Co Johnny Cochrane said the New Zealand market bucked weaker trends in offshore markets because investors were attracted to high-yielding local stocks.

"Surprisingly the New Zealand equity market is showing healthy gains today against the run of play."

Heartland New Zealand's shares rose 7 cents to $1.26 and shares in Metro Performance Glass gained 7 cents to $2.

Contact Energy shares climbed 32 cents to $7.10, Spark shares put on 10.5 cents to $3.49 and Z Energy shares rose 11 cents to $4.92.

Uneventful day for NZ Dollar

It was an uneventful day for the New Zealand dollar.

Senior foreign exchange strategist at ANZ Bank Sam Tuck said the kiwi was little changed as investors await interest rate reviews by the US Federal Reserve and New Zealand's Reserve bank tomorrow morning.

"It's been pretty quiet for the New Zealand Dollar today despite Australian CPI giving us mixed messages."

A short time ago, the kiwi was trading at 74.53 US cents, pretty much where it was this morning, 93.23 Australian cents, 49.13 British pence, 0.6574 euro, 88.01 yen and 4.65 renminbi.