NZX ignores rollercoaster ride on Wall St, meanders to a quiet close

The New Zealand sharemarket started the week with a small gain, after ending last week with a whimper.

The NZX 50 closed up 0.36 per cent, or 42.5 points, at 11,790.54.

“Bit of a quiet day on the markets on the whole, not much news of note,” said Grant Davies of Hamilton Hindin Greene. 

“There was a pretty mixed lead from the United States market on Friday night, no strong momentum to push the market one way or the other.”

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The NZX was unmoved by Monday afternoon’s decision from Prime Minister Jacinda Ardern that Auckland would stay in Covid-19 alert level “2.5”, and the rest of the country in level 2, for at least another week.

Auckland has spent the past two weeks at Covid-19 alert level 2.5, after two-and-a-half weeks in a level 3 lockdown. The rest of the country has been in alert level 2 since the discovery of coronavirus cases in the community in August.

“It’s not unexpected to see the level continuation there, it didn’t really move the dial in terms of the market,” Davies said. 

Company news was thin on the ground on Monday. 

Shares in retirement village operator Metlifecare rose 0.17 per cent to $5.95 after the takeover by Swedish company Asia Pacific Village was approved by the Overseas Investment Office.

In July, Asia Pacific Village Group (APVG) offered to buy the Metlifecare for $6 a share, lower than the $7 a share, $1.49 billion bid it withdrew in April, blaming the pandemic.

Shares in tourism operator THL jumped 12.9 per cent to $2.19 after the company upgraded its profit guidance.

The company said on Monday it expected to post

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