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

 


MARKET CLOSE: NZ shares gain as kiwi weakens; FPH gains

MARKET CLOSE: NZ shares gain as kiwi weakens; F&P Healthcare up

Nov. 8 (BusinessDesk) - New Zealand shares rose, led by Xero and Fisher & Paykel Healthcare, as the kiwi dollar weakened against its Australian counterpart and offshore investors were drawn to an economy that stands out in a weak global environment.

The NZX 50 Index rose 12.15 points, or 0.3 percent, to 3955.24. Within the index, 18 stocks rose, 19 fell and 13 were unchanged. Turnover was $99.7 million.

The kiwi dollar dropped to 78.45 Australian cents, the lowest since mid-September after figures showed New Zealand’s unemployment rate jumped while in Australia added more jobs than expected. Stocks sold off in Europe and the US overnight following the US election outcome and downgrades to European economic growth.

“What we’re seeing here is the New Zealand market remains firm in the light of a pretty weak global environment,” said James Lee, head of institutional equities at First NZ Capital. The kiwi dollar’s advance against the Australian dollar and the greenback is showing up in shares of exporters, he added.

Xero jumped 6.4 percent to $5.80. The cloud-based accounting services company began trading on the ASX today in a bid to draw more Australian investors.

F&P Healthcare, which makes medical equipment and gets more than 50 percent of sales in US dollars, rose 0.8 percent to $2.40.

Among smaller caps, AWF Group, the temporary worker company, rose 2.9 percent to $2.46.

Kathmandu, the outdoor equipment chain, fell 4.5 percent to $1.71, leading decliners after shedding its 7 cents a share final dividend.

Fletcher Building, which oversees the rebuild of Christchurch on behalf of the government, rose 1.2 percent to $7.34 as the weak jobs numbers stoked talk the Reserve Bank may be more willing to cut interest rates to help the economy.

Steel & Tube, which sells steel building products, fell 0.5 percent to $2.18. The company is to re-enter the NZX 50 with the departure of F&P Appliances, now acquired by China’s Haier.

Trade Me, the auction website, and Pumpkin Patch, the children’s clothing chain, were among rising consumer stocks. Trade Me gained 1.2 percent to $4.07 and Pumpkin Patch rose 0.8 percent to $1.25.

NZX, the stock market operator, was unchanged at $1.25 after naming Mint Asset Management analyst Amelia Wong as head of Cash Markets, effective Dec. 10.

Contact Energy, the biggest power company on the index, rose 1.5 percent to $5.36. Telecom was unchanged at $2.38.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news