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

 


MARKET CLOSE: NZ shares rise as dividend yields appeal

MARKET CLOSE: NZ shares rise as dividend yields keeps market bid

Nov. 9 (BusinessDesk) – New Zealand shares rose. Telecom rose as the nation’s relatively high dividend yields drew investors while Infratil fell after taking a charge against its UK airport investments.

The NZX 50 fell 2.66 points, or 0.1 percent, to 3957.91. Within the index, 22 stocks rose, 16 fell and 12 were unchanged. Turnover was a lower-than-average $70.6 million.

“Savers are being penalized,” said David Price, a broker at Forsyth Barr. “People are being forced off the sidelines and into high risk investments than normally. It’s a global phenomenon. New Zealand is one of the high yielding markets.”

Telecom rose 1.3 percent to $2.41. At today’s price it has a dividend yield of 12.5 percent while a one-year term deposit offers about 4.27 percent.

Fisher & Paykel Appliances, which gets more than 50 percent of sales in US dollars, rose 1.3 percent to $2.43 as the kiwi dollar held near a two-week low at 81.60 US cents.

Infratil fell 0.5 percent to $2.18. The company took a $43.9 million charge to write down the carrying value of the Glasgow Prestwick and Kent airports, which will be reflected in the first-half net profit, the company said in a statement. The investment firm is trying to sell the unprofitable airports, and has already written down their value by $60.4 million in the past two financial years.

“There’s been a for-sale sign there for quite some time,” Price said.

Fletcher Building, the biggest construction and building materials group on the NZX 50, fell 1.4 percent to $7.24 even after Real Estate Institute figures showed home sales rose last month while the national median house price rose to a record.

Air New Zealand, the government controlled airline slated for a partial selldown, rose 0.8 percent to $1.24 with 9.6 million shares changing hands, the biggest daily volume since July 2008.

AMP, the Australian wealth manager, rose 3.2 percent to $5.89 and Auckland International Airport fell 0.8 percent to $2.655. OceanaGold, operator of the Macraes gold field, rose 2.8 percent to $4.42.

TrustPower, the utility controlled by Infratil, rose 1.6 percent to $8.53. PGG Wrightson, the rural services company, fell 2.9 percent to 33 cents.

Among smaller stocks, Windflow Technology dropped 21 percent to 15 cents while AWF Group climbed 1.6 percent to $2.50.

Contact Energy fell 0.2 percent to $5.35 and Cavalier, the carpet maker, declined 1.1 percent to $1.85.

(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