MARKET CLOSE: NZ shares follows Wall St higher as earnings mixed; Xero, Trade Me, Meridian gain

Tue, 23 Feb 2016

By Sophie Boot Feb. 23 (BusinessDesk) - New Zealand shares followed Wall Street higher, as uneven local earnings sent mixed signals to investors. Xero, Trade Me Group and Meridian Energy gained, while Mighty River Power fell. The S&P/NZX 50 Index advanced 36.2 points, or 0.6 percent, to 6,175.67. Within the index, 28 stocks rose, 13 fell and nine were unchanged. Turnover was $162 million. Stocks across Asia were mixed, with China's Shanghai Composite index down 1.3 percent in afternoon trading as financial stocks dropped after the cen...

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Economy

ANZ increases cash profit as net interest margins get squeezed

ANZ New Zealand has reported a 4% increase in its half-yearly profit despite pressure squeezing its margins.The bank's cash profit increased to $1.15 billion in the six months to March, up from $1.1b in the same period last year, but stable compared to the second half of its...

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