NZX steady as Eroad rallies on road user charge changes
'US markets were positive, even though India has been hit with a higher tariff level than initially quoted. Our interest rates are buoying the market more than geopolitical instability and tariffs.'
On the NZX, Eroad rallied by 26.42% today after the Government unveiled a raft of changes to the country's Road User Charges system in preparation for 3.5 million vehicles becoming liable for the charges.
As has previously been signalled, the current Fuel Excise Duty is expected to be abolished in the coming years, with all vehicles moving to Road User Charges (RUCs).
Eroad's share price lifted 42c to $2.01 after 3.1 million shares changed hands on turnover of $5.9m.
'Obviously they're seen as a potential frontrunner for being able to offer a solution in that area. Material uplift in volume and share price and their market cap would put them up as a NZX 50 constituent as well, so the potential to eventually be included in NZX indices.'
Elsewhere, Radius Healthcare shares rose 3.90% to $0.40 on high volume of 10.4 million shares after it announced an upgrade to its projected underlying earnings before interest and tax.
Sullivan said Radius doesn't seem to be able to put a foot wrong at the moment, noting its share price rose 22% in July, 22% in June and 25% in April.
Chorus also had another positive day, with its share price lifting 1.21% or 11c to $9.20.
Contact Energy, meanwhile, fell 0.76% to $9.10 after $11.1m in turnover was traded.
US markets
Wall Street stocks rose on Wednesday local time, with Apple and most other large tech companies rallying as markets largely shrugged off US President Donald Trump's latest tariff hikes.
Apple piled on more than 5% after White House officials said the tech giant plans an additional US$100 billion ($168b) in capital spending in the United States. Amazon and Google parent Alphabet were among the other large tech names that also rose.
'By standing up and publicly announcing a domestic investment with President Trump, it reduces the likelihood of Trump imposing new tariff burdens on Apple,' said FHN Financial's Chris Low.
The Dow Jones Industrial Average finished up 0.2% at 44,193.12.
The broad-based S&P 500 gained 0.7% to 6,345.06, while the tech-rich Nasdaq Composite Index climbed 1.2% to 21,169.42, less than 10 points from an all-time record.
Trump ordered an additional 25% tariff on Indian goods. The levy, which is expected to come into force in three weeks, is due to New Delhi's continued purchase of Russian oil.
– Additional reporting AFP
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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