Asia
New Zealand Shares Rise; Manuka Resources Enters Trading Hlt Ahead of 'Material' Capital Raising
New Zealand shares rose on Friday, as most Asian markets saw gains after Thursday's Wall Street rally and lower Federal Reserve rate-hike fears.The S&P/NZX 50 Index rose 0.92% or 128 points to close at 13,974.18.Overnight, the Nasdaq Composite added 1.4%, the S&P 500 rose 1.1%, while the Dow Jones gained 1.2%.Federal Reserve Governor Christopher Waller said on Thursday he is inclined to hold interest rates steady at this month's policy meeting if upcoming inflation data confirms that price pressures continue to ease, according to a Thursday Reuters report.In domestic news, Cotality NZ's Home Value Index for August showed property values across New Zealand fell by 0.4% over the month, marking the fifth consecutive monthly decline, according to a report.Also, Auckland business confidence has rebounded over the past three months, with the share of businesses in the city rating overall confidence as negative or very negative falling to 40% in August from 54% in May, while positive sentiment climbed to 26% from 15%, according to a report by New Zealand's Auckland Business Chamber.Further, residential building activity in New Zealand appears to have found a base as early signs of an upswing are forming, Westpac said in a note.Meanwhile, New Zealand's total new lending declined to NZ$15.05 billion in July from NZ$16.14 billion in June, according to data from the Reserve Bank of New Zealand.In corporate news, Manuka Resources (ASX:MKR, NZE:MKR) entered a trading halt ahead of a "material" capital raising disclosure.F&C Investment Trust (NZE:FCT) said its net assets before charges at market value, excluding income, came in at 3.7272 pounds sterling per ordinary share as of Wednesday.
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