13 May 2014

NZ share rise on Tuesday

7:34 pm on 13 May 2014

New Zealand shares rose on Tuesday, the benchmark Top 50 Index gaining 37 points to 5199.

Murray & Co director of wealth management Johnny Cochrane said the United States markets set the tone for our market.

He said there was a strong rally in growth stocks and the Nasdaq was up approximately 1.8 percent.

Mr Cochrane said that in New Zealand Xero had a strong rally and A2 Milk had a positive return.

Xero shares climbed $2.55 to $31.40, shares in A2 Milk gained 2 cents to 78 cents, Infratil shares rose 5 cents to $2.34 and Ryman shares put on 26 cents to $8.90.

dollars and stock exchange paper

Photo: PHOTO NZ

NZ dollar little changed

The New Zealand dollar was little changed against the currencies of all the nation's major trading partners on Tuesday.

ANZ Bank senior foreign exchange strategist Sam Tuck said the market was waiting for a raft of key economic data and events due both in New Zealand and offshore.

"Markets are in wait and see mode at the moment, we have the RBNZ financial stability review tomorrow, markets will be looking to the press conference from Governor Wheeler to see if he reiterates his comments from last week about the strength of the New Zealand dollar affecting interest rate expectations."

Mr Tuck said there was also the New Zealand Budget on Thursday and the Australian budget on Tuesday night.

He said markets are waiting to ascertain the fiscal position of those two countries before moving Kiwi Australian dollars.

Mr Tuck said the US Consumer Price Index is on Thursday night, along with the Empire State manufacturing survey and Philadelphia Federal Reserve surveys.

At about 5pm on Tuesday, the New Zealand dollar was trading at 86.28 US cents, 92.21 Australian cents, 51.11 British pence, 0.627 euro, 88.24 yen and 5.38 renminbi.