Tourism shares see record high in New Zealand

Published on : Thursday, June 29, 2017

Tourism New ZealandNew Zealand shares surged today, led by Restaurant Brands New Zealand, while Tourism Holdings and Fisher & Paykel Healthcare hit record highs.

James Smalley, director at Hamilton Hindin Greene said the market had seen broad-based buying, with the benchmark index near record levels, though volumes were lower. Restaurant Brands led the index, up 3 per cent to $6.14, while Kathmandu Holdings gained 3 per cent to $2.06 and Sky Network Television rose 2.9 per cent to $3.53. Tourism Holdings rose 2.2 per cent to $4.20.

To quote Smalley, “It has been on a bit of a run recently, on pretty good volumes. If it gets up to $4.30, on an adjusted basis that’s the highest it has been since 1993 – we’re looking at a 24-year high. You’d have to be living under a rock to miss that tourism has taken over dairy as our biggest export earner. Investors are obviously thinking things are looking pretty good for the sector.” He added, “Those investors that had the courage to buy into the stock when it got sold down post the Trump election when there were concerns about production in Mexico, have done exceptionally well.”

Metro Performance Glass was the worst performer, down 0.7 per cent to $1.36. Kiwi Property Group fell 0.7 per cent to $1.415 and A2 Milk Co dipped 0.5 per cent to $4.03.

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