MARKET CLOSE: NZ shares snap 2-day slide; RBD up

MARKET CLOSE: NZ shares snap 2-day slide; RBD, Contact gain

Oct. 23 (BusinessWire) – New Zealand shares snapped a two-day slide, led by fast-food chain Restaurant Brands, as global sentiment for equity markets improved. Stocks rallied across Asia on optimism economic recovery will pick up pace.

The NZX 50 index rose 13.23, or 0.4%, to 3214.93. In the week, the benchmark index edged up 0.2%. Within the index, 23 stocks rose, 12 fell and 15 were unchanged. Turnover was $103.9 million.

Restaurant Brands rose 4% to $1.55 and has surged 62% in the past six months. The company has lifted sales and earnings, reviving revenue growth at Pizza Hut, having written down the pizza chain a year ago.

Westpac Banking Corp. rose 2.5% to $33.50, tracking gains in lenders on the ASX after stronger earnings growth from companies on Wall Street including fastfood chain McDonald’s Corp.

New Zealand Refining rose 1.9% to $5.50 as crude oil headed for its fourth week of gains. Crude has climbed to almost US$82 a barrel this week and was at US$81.65 a barrel in Singapore, based on the nearest contract.

Hallenstein Glasson rose 1.6% to $3.10 and Michael Hill International climbed 1.5% to 68 cents after Wesfarmers, Australia’s second-biggest retailer, posted a 6.1% gain in same-store sales for the three months ended Sept. 27, sending its share soaring 7.3%.

Fletcher Building rose 1.2% to $8.42. The company held analyst briefings and a site visit last week, prompting some analysts to upgrade the ratings on the company and lift their forecasts.

PGG Wrightson Ltd., the nation’s biggest rural services company, fell 2.9% to 68 cents and NZ Dairy Farms Uruguay dropped 2.2% to 44 cents after meat processor Silver Fern Farms reported annual profits tumbled excluding a payment from PGG Wrightson to settle their failed merger.

(BusinessWire)