The Property and Infrastructure fund was up 2.8% for the month. US mobile phone tower providers American Tower (+7%) and Crown Castle (+10%) reported quarterly results, with an acceleration in services revenues, ahead of expectations. This is an early indicator of the growth coming as networks are built out to enable faster next generation “5G” mobile services.

Napier Port (+5%) increased profit guidance for the current financial year, reflecting better than expected primary sector market conditions, including log volumes in particular. This is helping make up for no cruise ship berthing fees.

Auckland Airport (-1%) opened quarantine-free travel with Australia during April. Traffic has been modest so far with passengers largely returning residents and those visiting friends and family. The easing of border restrictions with Australia will act as a test case for wider border openings with low-risk countries such as the Pacific Islands and certain Asian nations.