MARKET CLOSE: NZ shares rise on TPP; SkyCity gains

Article – BusinessDesk Oct. 6 (BusinessDesk) – New Zealand shares rose after agreement was reached on the Trans Pacific Partnership deal. Xero, SkyCity Entertainment Group and Fletcher Building gained. MARKET CLOSE: NZ shares rise on TPP; SkyCity, Xero, Fletcher advance By Suze Metherell Oct. 6 (BusinessDesk) – New Zealand shares rose after agreement was reached on the Trans Pacific Partnership deal. Xero, SkyCity Entertainment Group and Fletcher Building gained. The S&P/NZX 50 Index rose 37.57 points, or 0.7 percent, to 5668.11. Within the index, 30 stocks rose, 11 fell or nine were unchanged. Turnover was $113 million. Overnight 12 Pacific Rim nations reached a deal on the controversial TTP, which covers 40 percent of the global economy and ending more than five years of negotiations to create the largest trade and investment pact since the Uruguay Round of the GATT trade agreement 20 years ago. Investors took the sealing of the deal as a confidence boost, and adopted a risk on attitude. Xero, the cloud-based accounting software firm, gained 2 percent to $15.30. The company is forgoing profit to fund its US push where it hopes to capture the small-to-medium sized business market. “A bit more risk-on trading seems to be what we’re seeing today,” said James Smalley, director at Hamilton Hindin Greene. “The markets been worried about economic growth and maybe with that TTP deal sentiment has turned...

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