New Zealand Shares Rise Amid Mixed Asian Trade; Precinct Properties Up 3% After NZ$75 Million Green Bonds Issue

MT Newswires Live10-18

New Zealand shares rose further on Friday on the strength of industrial services stocks, while peers in Asia traded mixed.

The S&P/NZX 50 Index rose 0.4%, or 55.35 points, to close at 12,823.89.

Industrial services led the increase as stocks gained 2.5%, followed by technology services, which rose 1.3%.

Shanghai's SSE Composite Index and Hong Kong's Hang Seng each gained 0.7%, while Japan's Nikkei 225 was little changed in recent trade. Australia's ASX 200 shed past 1%.

In domestic news, Kiwi banks expect credit demand from households to increase further amid upcoming interest rate reductions. Banks reported increases in the availability of residential mortgage credit in the past six months ended September, though demand eased.

In corporate news, Fletcher Building (NZE:FBU, ASX:FBU) Chief People and Communications Officer Claire Carroll resigned after being in the role since 2018. Shares in the Kiwi home builder fell nearly 2%.

Precinct Properties New Zealand (NZE:PCT) rose almost 3% after it announced that it will issue NZ$75 million five-year wholesale green bonds on Oct. 24.

New Zealand's High Court issued its final orders approving the scheme of arrangement under which Arvida Group (NZE:ARV) will be acquired by Stonepeak Alps BidCo. The deal remains subject to Stonepeak obtaining consent under the Overseas Investment Act 2005. Arvida's shares were up over 1% at market close.

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