June 10, 2019 / 12:50 AM / 7 days ago

NZ shares inch up in thin trade; U.S.-Mexico deal lends support

* NZ benchmark gains for 4th straight session

* Investore Property, a2Milk top pct gainers

By Aby Jose Koilparambil

June 10 (Reuters) - New Zealand shares made slight gains on Monday after the United States called off the imposition of tariffs on Mexico, following a deal to combat illegal migration from Central America, but a holiday in Australia kept trading volumes low.

New Zealand’s benchmark S&P/NZX 50 index was up 0.2% at 10,066.54 by 0012 GMT. The benchmark had gained in the previous three sessions, but posted a 0.7% loss last week.

Property firm Investore Property Ltd and dairy company a2Milk Co Ltd were among the top percentage gainers, putting on more than 1% each.

National carrier Air New Zealand gained 0.8% while NZX Ltd tacked on about 1%.

Meanwhile, Vital Healthcare shed about 1.7% to be the top percentage loser, after gaining 2.6% in the previous session.

The deal struck between the United States and Mexico provided a big relief for global financial markets, already roiled by a protracted trade war between the U.S. and China.

“It is always a good thing when tariffs are taken out of the picture. There are a number of New Zealand companies that have manufacturing facilities in Mexico,” said Jeremy Sullivan, investment advisor at Christchurch-based advisor firm Hamilton Hindin Greene.

Investors were also encouraged by weak U.S. job growth data released on Friday that increased hopes of that the Federal Reserve would lower interest rates.

But the impact of the holiday in Australia was evident in the low trading volumes for the benchmark index, with just over 2 million shares trading in the first two hours against the 30-day average volume of more than 28 million.

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Simon Cameron-Moore

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below