New Zealand shares edge up; Healthcare jumps

Published: October 27, 2017 13:30:39


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New Zealand shares were slightly higher on Friday, set its first weekly loss in six.

The S&P/NZX 50 index rose 20.75 points, or 0.3 per cent, to 8,107.49 at 0033 GMT.

Healthcare stocks accounted for over quarter of the gains on the index, with Fisher & Paykel Healthcare Corporation Ltd rising as much as 1.4 per cent to a record high.

Fletcher Building Ltd, after an early 0.5 per cent rise, slipped 0.3 per cent to its lowest since July 24.

The stock has risen over 56 per cent this year, as of Wednesday’s close.

The construction firm reported a fire at one of its businesses in Auckland, but said it doesn’t expect the incident to have a material impact on full-year earnings.

Real estate stocks also saw a broad decline after the government took steps to ban foreign investors from buying established homes.

Newly-sworn in Prime Minister Jacinda Ardern said on Thursday she would seek to renegotiate the Trans-Pacific Partnership agreement in Vietnam in two weeks’ time to include the housing investment measure.

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