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Tourism Holdings lead gains in New Zealand shares

Thursday, February 14, 2019

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New Zealand shares joined a global rally on optimism that the latest US delegation to Beijing will make meaningful gains in alleviating the overwrought trade relations.

 

Tourism Holdings led widespread gains; SkyCity Entertainment Group fell after a decline in first-half profit and a share buyback.

 

Stocks across Asia largely followed Wall Street higher, with South Korea’s Kospi 200 index going up 0.4 per cent, Hong Kong’s Hang Seng gaining 1.1 per cent and Singapore’s Straits Times index advancing 1.2 per cent.

 

Investor sentiment was sustained by the prospect of US policymakers avoiding another Federal government shutdown, and a hope that US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer will cut through some of the more difficult issues between the US and China.

 

Rental RV operator Tourism Holdings led the market higher, up 3.1 per cent at $4.69 on a smaller-than-average volume of 92,000. Transport fuels firm Z Energy gained 2.3 per cent to $6.14 on a lighter volume than usual of 655,000.

 

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