New Zealand Shares Struggle for Traction Amid Mixed Trade; Infratil Swings to Loss in Fiscal H1

MT Newswires Live
2024-11-14

New Zealand shares were muted with a positive bias on Thursday as equities struggled for traction, while Asian peers traded mixed.

The S&P/NZX 50 Index was little changed at 12,692.94.

Finance stocks were up 2% on Thursday, while consumer durables and technology services equities gained 1.2% and 1%, respectively.

In domestic news, food prices in New Zealand rose 1.2% year on year in October, matching the same pace of growth in September, Stats NZ data showed. Housing rentals increased 4.2%.

The nationwide REINZ House Price Index was up 0.5% month on month in October following a 0.3% rise in September, according to Wednesday data from the Real Estate Institute of New Zealand.

In corporate news, Infratil (NZE:IFT) reported a loss of NZ$0.255 per share for the six months ended Sept. 30, compared with earnings of NZ$1.383 per share a year ago. The company's shares ended Thursday trading up 1%.

Elsewhere, Rua Bioscience (NZE:RUA) advised the opening of its NZ$3.1 million, three-for-four pro-rata renounceable rights offer on Thursday.

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