NZ sharemarket closes up more than 1% as heavyweight stocks rally
'I suppose after the initial concern around those letters that were sent on the weekend, the market has gained some poise and become a bit more relaxed about the situation overall.'
Fisher & Paykel Healthcare rose 76c to $36.75 after 333,220 shares changed hands to the value of $12,182,093.91.
Infratil also had a positive day, with its share price rising to $11.38, with $11,103,102.81 worth of shares changing hands.
Elsewhere, Auckland Airport said the Ministry for Business, Innovation and Employment (MBIE) had provided an update to those who made submissions on its recent request for viewpoints on the effectiveness of the economic regulation of airport services.
In its findings, MBIE advised that at this time, it is not considering legislative change.
'A bit of relief around the fact that regulatory oversight is now a non-issue, and it was now off the table,' Smith said.
Auckland Airport shares subsequently rallied 4.36% to $7.78, with 1,363,985 shares changing hands to the value of $10,580,401.99.
Meanwhile, a2 Milk's share price also climbed, rising 4.81% to $8.28 after $4,056,430.72 worth of shares were traded.
'The Chinese infant milk market is shrinking, but the reality is a2 has been taking market share, and I suppose there's some optimism that the result in mid-August will be a good one,' Smith said.
Wall Street stocks finished higher on Wednesday local time, shrugging off a mid-session swoon after US President Donald Trump denied he was planning to fire Federal Reserve chairman Jerome Powell.
Major indices had moved suddenly negative after reports that a dismissal could be imminent. They recovered quickly when Trump ruled out firing Powell, for now.
Trump, who has bitterly attacked the Fed chairman for months, said such a move was 'highly unlikely' and that 'I'm not talking about that' when asked if he would fire Powell.
The tech-rich Nasdaq Composite index advanced 0.3% to 20,730.49, a third straight closing record.
The Dow Jones Industrial Average gained 0.5% to 44,254.78, while the broad-based S&P 500 advanced 0.3% to 6,263.70.
'It's very clear that the market wants to go higher,' said Adam Sarhan of 50 Park Investments, who described investor reaction to Trump's mixed messaging on Powell as typical of a bullish tilt.
'Every time we get bad news thrown at it, the market shrugs it off and continues to rally, including today,' Sarhan said.
– Additional reporting AFP
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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