Fisher & Paykel Healthcare Leads NZX 50 Gains

New Zealand’s S&P/NZX 50 index closed the day in positive territory, buoyed by strong performance from Fisher & Paykel Healthcare. The breathing mask maker contributed significantly to the index’s gains, with a 1.3% rise to $46.57. The company also announced the sale of 13 hectares in Drury to Health New Zealand for $45.3 million, further boosting its market presence.

Infratil, another notable gainer, rose 0.8% to $13.92, benefiting from the strength of artificial intelligence-linked firms in Japan. The Nikkei 225 hit a three-month high, driven by gains in companies like SoftBank Group and Tokyo Electron. Meanwhile, stocks exposed to residential property, such as Fletcher Building and Summerset Group Holdings, faced declines after ASB Bank economists predicted continued headwinds for the housing market.

Bremworth saw a drop of 6.4% to 73 cents after suitor David Ferrier declared his partial takeover unconditional. Ferrier’s offer, at 90 cents per share, secured acceptances totaling 59.3%, exceeding his target. The overall trading volume across the main board was $111 million, with Fisher & Paykel Healthcare accounting for $25.2 million of that.

Asian stock markets followed Wall Street’s lead, with Japan’s Nikkei up 2.2%, South Korea’s Kospi gaining 0.5%, and Australia’s S&P/ASX 200 edging up 0.1%. The kiwi dollar weakened slightly, falling to 55.88 US cents and 80.57 Australian cents. Peter McIntyre, an investment adviser at Craigs Investment Partners, noted that the market was in a holiday trading mode with light activity.