Friday 14th December 2001 |
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A well performing share in New Zealand may have its performance outstripped by shares in a comparable sector in Australia and vice versa. However, investors also need to consider the impact on returns of factors such as exchange rate movements and imputation credits.
Take for example the food sector (see table page 18, NBR 14/12/2001), which has consistently outperformed the market in New Zealand. The New Zealand companies within the sector rate favourably in comparison to their Australian counterparts. Montana Group in particular has provided the best returns to investors in the food sector in either country.
However, in comparison, those looking to invest in media or telecommunication stocks (see table below) would have enjoyed better returns last year holding Australian stocks. All New Zealand stocks in this sector provided negative returns, whereas in comparison some sizeable returns were available across the Tasman.
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