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

 


MARKET CLOSE: NZ shares rise as AGMs throw up mixed messages

MARKET CLOSE: NZ shares rise as AGMs throw up mixed messages; Freightways gains

Oct. 28 (BusinessDesk) - New Zealand shares rose as more companies addressed their shareholders at annual meetings. Freightways rose to a four-month high after flagging higher profits at their annual meeting yesterday. Sanford fell after saying a high kiwi dollar and lower tuna catch dented earnings.

The NZX 50 rose 22.12, or 0.7 percent, to 3325.60. Within the index, 30 stocks rose, 12 fell and eight were unchanged. Turnover was $102.5 million.

The local benchmark gained as Europe’s deal to tackle debt sent a wave of relief across growth-sensitive securities such as stocks and the New Zealand dollar. Equity markets were broadly stronger across Asia at the 5pm close on the NZX.

Freightways rose 1.2 percent to $3.46, the highest since June 21. Profit rose 19 percent to a record in the first quarter, outpacing a 9 percent gain in sales, the company said at its AGM yesterday.

Freightways’ performance “gives a pretty good tick for New Zealand,” said Rob Mercer, an analyst at Forsyth Barr. A 9 percent rise in revenue from its core packaging business “bodes well.”

Mercer said stocks on the NZX 50 offer a dividend yield of about 7.5 percent, including property stocks yielding 9 percent, while government debt yields almost half that. As the economy picks up pace, shares would offer a capital gain as well as dividends,

Sanford fell 1.6 percent to $4.84. The fishing company said profit was $22 million to $23 million in the 12 months ended Sept. 30, down from $25 million a year earlier. Sales growth was all in the first half, it said.

Fletcher Building, the biggest construction company on the NZX, rose 1.5 percent to $6.71 after naming Tim Richards as chief executive of its building products division, promoting him from manager of the Stramit roll-formed steel business.

Nuplex Industries fell 1.1 percent to $2.63 after announcing the acquisition of a resin manufacturer in Germany which would help lift 2012 earnings by about 10 percent.

It lifted an Australian debt facility to A$300 million from A$200 million to cover the cost of buying Bayer MaterialScience’s Viverso business for 75 million euros, adding resins production in Germany.

EBITDA excluding Viverso and the recently-bought Masterbatch business, would be little changed from a year earlier.

NZ Oil & Gas held unchanged at 70 cents after two days of gains. Michael Hill International rose 2.4 percent to 85 cents.

Tower was the biggest gainer on the index, rising 8.7 percent to $1.37. Goodman Fielder rose 7.4 percent to 73 cents and Kathmandu gained 4.4 percent to $2.40.

Seeka Kiwifruit didn’t trade and was last at 85 cents. The country’s biggest kiwifruit grower forecast a fall in profit and a cut in asset values when they are assessed in December as the Pseudomona Syringae pv actinidiae bacteria ravages more kiwifruit orchards.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news