WELLINGTON: The New Zealand equities market ended higher on Tuesday, with the benchmark NZX-50 index gaining 0.4% to 6446.73. Fonterra Shareholders’ Fund (FSF.NZ), the listed arm of Fonterra Cooperative, rose 0.5% to NZ$5.90 after the dairy cooperative cut its farmgate milk price forecast for the current season to NZ$3.90 per kilogram of milk solids from previous forecasts of NZ$4.15.
Michael Gordon, senior economist at Westpac bank said although dairy prices rose at the latest Global Dairy Trade auction, and world commodity prices in general are now benefiting from improved risk sentiment, these developments are likely to be too late to support this season’s milk payout. Fellow dairy stock The a2 Milk Company (ATM.NZ) fell 1.1% to NZ$1.78. Genesis Energy (GNE.NZ) gained 0.5% to NZ$2.02 after announcing a 6-year, fixed-rate senior bond offer of up to NZ$75 million, plus up to NZ$25 million of over-subscriptions.
