NEW Zealand shares have edged higher as growing violence in Iraq kept markets nervous and as local investors mulled a spate of new initial public offerings.
THE NZX 50 Index rose 8.292 points, or 0.2 per cent, to 5178.8 on Monday.
Within the index, 28 shares rose, 13 fell and nine were unchanged. Turnover was a smaller-than-usual $94.9 million."Until things are sorted out in Iraq, and it's not going to be a quick fix, it will remain a concern. It will affect oil prices which affects every economy in the world so no one is isolated from the Iraqi situation," said Grant Williamson, director at Hamilton Hindin Greene."Unfortunately investors are getting very much used to these sort of conflicts over in the Middle East and even Eastern Europe."Xero climbed 0.6 per cent to $29.31 after the cloud-based accounting software firm said it hit annualised sales of $100m for the first time in May.Fletcher Building dropped 0.5 per cent to $8.93 after it said it faces an $11m charge on the sale of its Australian-focused construction materials distribution business Hudson Building Supplies for $20m to HTH Stores.Stock market operator NZX advanced 0.8 per cent to $1.30 after more companies announced plans to list.Hirepool said it plans to raise as much as $262m in an initial public offering and list on the Australian and New Zealand stock exchanges next month with a market capitalisation of as much as $340m.Pushpay, the mobile payment app developer, said it will raise $9m in a private share issue before it seeks a compliance listing on the New Zealand Alternative Index in July.Two other tech companies Serko and Gentrack plan to list later this month."With the spate of IPOs that are on the table at the moment, we may see one or two stocks weaken a little bit as investors look to liquidate funds to pay for the IPOs," Mr Williamson said.Pacific Edge was the best performer on the day, climbing 3.5 per cent to 88 cents.Anda sedang membaca artikel tentang
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