New Zealand: Shares inch higher on Thursday, Australian markets closed

NEW Zealand shares inched higher on Thursday, helped by gains in healthcare, consumer and technology firms, even as investors across the globe exited riskier assets on an aggressive US Federal Reserve.

The benchmark S&P/NZX 50 index climbed about 0.1 per cent to 11,509 by 2335 GMT, also helped by improving consumer sentiment.

A 75-basis-point rate hike by the Fed pressured US stocks overnight, as markets reacted wildly to a bleak economic picture next year in the world’s biggest economy.

The MSCI’s gauge of stocks worldwide and its broadest index of Asia-Pacific shares outside Japan were down 0.2 per cent and 0.3 per cent, respectively, while Japan’s Nikkei was down 0.9 per cent.

Back in New Zealand, the consumer confidence index in the third quarter rose to 87.6 from 78.7 in the previous quarter. A reading above 100 indicates more optimists than pessimists. Sky Network Television led gains on the bourse, rising 2.3 per cent.

National carrier Air New Zealand and Stride Property climbed 2.1 per cent and 1.7 per cent, respectively.

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Fonterra rose 1.8 per cent after the world’s largest dairy exporter reported a marginal increase in annual profit, boosted by robust demand and higher prices in Europe and the United States.

Markets in Australia were closed for a holiday. The benchmark had closed 1.6 per cent lower on Wednesday.

The Australian central bank said on Wednesday that while its A$300 billion (S$280.8 billion) pandemic-era bond buying programme was beneficial to the economy, it caused large losses to the central bank. REUTERS