The stock market advanced as a lull in corporate news left many buyers on the sidelines.
The benchmark S & P / NZX 50 gained 14.776 points, or 0.1%, to 12,654.60 on Wednesday.
“It’s a bit of a mixed bag overall,” said Hamilton investment adviser Hindin Greene Grant Williamson. “Concerns about interest rates and inflation are probably holding back a number of buyers in our market.
“The lack of news doesn’t really help buying in this market,” Williamson said. “We’re in a vacuum at the moment, with no real company news on our major actions.”
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Ryman Healthcare gained 2.4% to $ 13.13. Shares of the retiree village operator are down 13 percent this year. Last month, Ryman reported a 60% increase in annual profits and said chief executive Gordon MacLeod would step down after 15 years with the company once a replacement is found.
“Since reporting his bottom line, Ryman has been under a slight selling pressure, but we’ve certainly seen a bargain hunt return to this stock today,” Williamson said.
Sky Network Television gained 1.8 percent, bringing its gain this week to 3 percent. On Tuesday, the pay-TV company said it had received unsolicited approaches from potential investors and appointed investment banker Jarden to advise it on any future discussions.
Vista Group International edged up 0.8% to $ 2.39, taking its gain this month to 10%. The cinema software company said last week that its cash flow has improved with the opening of theaters around the world. Vista had spent between $ 3-4 million per month, but its cash position was approaching neutral and is expected to turn positive in the second half of the year, he said.
Arborgen jumped 23% to 26.5 cents after the tree genetics company said it was undertaking a strategic review to unlock shareholder value after receiving an offer it said undervalued the society. The options could include a sale of stocks, assets or a listing in the United States, he said.
Shares were mostly higher in Asia on Wednesday despite new data showing that plant activity slowed this month as virus outbreaks disrupted shipping at some Chinese ports.
Markets rose in Tokyo, Shanghai, Sydney and Seoul, but fell slightly in Hong Kong.
On Tuesday in the US, the S&P 500 rose less than 0.1% to 4,291.80, adding to its all-time high set a day earlier. More stocks fell than they rose in the index, but gains by tech companies offset weakness in banks and utilities.
The Dow Jones Industrial Average also rose less than 0.1% to 34,292.29. The Nasdaq composite added 0.2% to 14,528.33.
The stocks set their recent highs on optimism that the economy is strengthening and that the Federal Reserve will keep interest rates low for some time to come.
– With PA