26 Aug 2014

NZ dollar little changed, sharemarket up

9:12 pm on 26 August 2014

The New Zealand dollar was little changed from this morning's opening, shrugging off the impact of some weaker than expected trade data.

ASB Bank head of external foreign exchange Tim Kelleher said the New Zealand currency had strengthened against a key support level.

He said the currency was lower first thing and despite the trade balance being worse than expected the kiwi dollar rose during the day back to about where it opened at.

Mr Kelleher said that could have been due to some bargain hunting after its sell-off yesterday and historically it has been at reasonably attractive to exporters at the current market levels.

At about 5pm, the kiwi was trading at 83.44 US cents, 89.75 Australian cents, 50.28 British pence, 0.6318 euro, 86.65 yen and 5.14 renminbi.

Sharemarket higher

The sharemarket was higher today. The benchmark Top 50 Index gained 13 points to 5196.

Craigs Investment Partners head of wealth research Mark Lister said the market gained in line with positive sentiment on Wall Street overnight.

He said overnight there were good leads from the United States, in particular the S&P500 touched 2000 points for the first time ever, so not surprising New Zealand's market has followed suit.

Mr Lister said there were good results from Auckland Airport in line with expectations, Tourism Holdings with profit up 19 percent on the prior year and SLI Systems.

He said the offer price for Acurity Healthcare was raised from $6.50 to $7.25.

Shares in Auckland Airport fell 9 cents to $3.66.

Tourism Holdings rose 12 cents to $1.39.

SLI Systems rose 8 cents to $1.48.

Acurity shares did not trade and so were unchanged at $6.65.