NZX 50 Closes Higher Led by Fisher & Paykel Healthcare

New Zealand’s S&P/NZX 50 index closed the day slightly higher, buoyed by strong performance from Fisher & Paykel Healthcare, which led gains in a mixed trading session. The index rose 0.1% to 13,699.02, with 20 stocks gaining, 22 declining, and eight unchanged. Fisher & Paykel Healthcare contributed significantly to the turnover, accounting for $25.2 million as it rose 1.3% to $46.57, following the sale of 13 hectares in Drury to Health New Zealand for $45.3 million.

Infratil also saw gains, up 0.8% to $13.92, benefiting from the rise of artificial intelligence-linked firms in Japan’s Nikkei 225, which hit a three-month high. Asian markets generally followed Wall Street’s lead from Friday, where softer-than-expected US jobs data reduced bets on a Federal Reserve rate hike. The yield on New Zealand’s 10-year government bond slipped slightly to 5.05%.

Companies tied to residential property, such as Fletcher Building and Summerset Group Holdings, faced declines after ASB Bank economists predicted continued headwinds for the housing market. Fletcher Building posted the biggest slide, down 3.1% to $3.41. Meanwhile, Bremworth dropped 6.4% to 73 cents after suitor David Ferrier declared his partial takeover unconditional, securing 59.3% of the company.

Exporters showed mixed responses as the kiwi dollar weakened, falling to 55.88 US cents and 80.57 Australian cents. Vulcan Steel gained 3.6% to $6.89, while a2 Milk Co dropped 1% to $8.15. ANZ’s monthly world commodity price index indicated a 0.6% rise in September, with beef and milk fat prices declining. In New Zealand dollar terms, the index jumped 2.8%.