New Zealand Shares Gain as Markets Assess US Inflation, Upcoming Stimulus Package from China

MT Newswires Live10-11

New Zealand shares rose on Friday while Asia-Pacific shares were mixed as markets assessed the higher-than-expected US inflation reading while keeping an eye on more stimulus measures from Beijing this weekend.

The S&P/NZX 50 Index was up 0.7%, or 91 points, to close at 12,845.64. This brought its gains over the past five days to nearly 2%. Elsewhere, Japan's Nikkei 225 rose 0.6%, while Shanghai's SSE Composite Index was down 1.6% in recent trade.

Overnight, the US annual inflation eased to 2.4% in September from 2.5% in August but was above the 2.3% Wall Street consensus estimate. Markets are now keeping an eye on the much-anticipated briefing in China this weekend, with investors expecting more economic stimulus measures from Beijing.

In domestic news, New Zealand's manufacturing sector remained in contraction in September despite higher levels of activity as the seasonally adjusted BusinessNZ Performance of Manufacturing Index was 46.9, compared with 46.1 in August, data from BusinessNZ on Friday showed.

Food prices rose 1.2% in the 12 months to September, following a 0.4% annual increase in August, Stats NZ reported. Housing rentals rose 4.3% year on year.

In corporate news, Chorus' (NZE:CNU, ASX:CNU) fiber uptake rose 0.2% to about 72% in the first quarter ended September as the communications infrastructure business continued to retire its copper network. The company's shares closed up nearly 1%.

Fletcher Building (NZE:FBU, ASX:FBU) raised NZ$700 million through a share placement and entitlement offer. The building product provider's shares were up marginally at market close.

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