4 Nov 2014

NZ market continues rise

7:12 pm on 4 November 2014

The New Zealand sharemarket ended little changed, but still managed to hit yet another record - its eighth in as many trading days. The benchmark Top 50 Index rose 5 points to 5423 today.

A director at Hamilton Hinden Green, Grant Williamson, said the market is chasing high-yield stocks as propsects for higher interest rates diminish.

Shares in Ryman Healthcare rose 10 cents to $7.90, while PGG Wrightson shares gained half a cent to 46.5 cents today.

Ebos shares climbed 13 cents to $9.82. The shares have risen from as low as $8.44 in mid-October.

Shares in New Zealand Oil & Gas rose 2.5 cents to 76 cents after the company told the annual shareholders' meeting it plans to return $60 million in capital to shareholders.

Meanwhile, the New Zealand dollar was little changed ahead of Fonterra's latest Global Dairy Trade auction.

The head of external foreign exchange sales at ASB Bank, Tim Kelleher, said if the auction outcome is poor, it is likely the dollar will be lower.

At 5.20pm today, the New Zealand dollar was trading at 77.45 US cents, 88.7 Australian cents, 48.41 British pence, 0.6182 euro, 87.97 yen and 4.74 renminbi.