Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


MARKET CLOSE: NZ shares rise; NZOG catches commodity wave

MARKET CLOSE: NZ shares rise; NZOG catches commodity wave

Dec. 30 (BusinessDesk) - New Zealand shares rose in low-paced holiday trading. New Zealand Oil & Gas climbed 2.5%, its third daily gain, as commodity prices firmed.

The NZX 50 Index rose 8.64, or 0.3%, to 3334.26, the first increase in three sessions. Within the index, 18 stocks fell, 16 rose and 16 were unchanged or untraded. Turnover was $40.5 million, with more than half of that accounted for by Australia & New Zealand Banking Group, which is dual traded.

NZ Oil & Gas rose 2.4% to 87 cents. Crude oil hit a 26-month high on Monday and has held above US$91 a barrel. Commodity prices have rallied, with copper reaching a record high and gold gaining.

Sanford Ltd., the fishing company, rose 3% to $4.74, leading the index higher.
Property trusts were among leading gainers. Property for Industry rose 2.7% to $1.14, AMP NZ Office Trust gained 2.6% to 79 cents, Kiwi Income Property Trust rose 2% to $1.02 and Argosy Property Trust, formerly ING Property, rose 1.4% to 74 cents.

Bloomberg News reported that buyout firm Blackstone Group LP had made a bid for Australian shopping-mall owner Centro Properties Group, which manages A$18.6 billion of malls.

Warehouse Group, the biggest retailer on the NZX 50, fell 1.1% to $3.53. Retailers have been mixed since eftpos company Paymark reported post-Christmas shopping was tepid.

Fast-food operator Restaurant Brands NZ Ltd., the second-best performer on the index in 2010, fell 1.1% to $2.62. NZX Ltd., the second-worst performer this year, fell 1.3% to $1.53.


© Scoop Media

Business Headlines | Sci-Tech Headlines


21, 22, 23 December: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>


24/7: National Geohazards Monitoring Centre Opens

For the first time, New Zealand will have 24-7 “eyes on” monitoring of the four perils: earthquake, tsunami, landslides and volcanic activity. More>>


EU Wine Exports: Yealands Fined For "Unprecedented Offending"

Yealands Estate Wines has pleaded guilty to “unprecedented offending” under the Wine Act 2003 and has copped a $400,000 fine. More>>


Discussion Paper: Govt To Act On Unfair Commercial Practices

“I’ve heard about traders who have used aggressive tactics to sell products to vulnerable consumers, and businesses that were powerless to stop suppliers varying the terms of their contract, including price.” More>>


'Considering Options' On Tip Top Ownership: Fonterra Drops Forecast Milk Price

Fonterra Co-operative Group Limited today revised its 2018/19 forecast Farmgate Milk Price range from $6.25-$6.50 per kgMS to $6.00-$6.30 per kgMS and shared an update on its first quarter business performance. More>>