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

 


MARKET CLOSE: NZ shares rise; Xero at record, Fletcher gains

MARKET CLOSE: NZ shares rise; Xero at record, Fletcher gains on Indian plans

Nov. 12 (BusinessDesk) - New Zealand shares rose, nudging the NZX 50 Index back toward the five-year high charted last month, as Australian interest drove Xero to a record and Fletcher Building gained after agreeing to buy a laminated panels business in India.

The NZX 50 rose 26.07 points, or 0.7 percent, to 3983.99. Within the index, 24 stocks rose, 13 fell and 13 were unchanged. Turnover was $78.7 million.

Xero, the cloud-based accounting services company that dual listed on the ASX last week, rose 8.6 percent to $6.30, giving it a market value of $622. That’s even before the fast-growth company, which listed on the NZX in June 2007, has turned a profit. It has gained 110 percent this year.

Listing on the ASX “opens up more buying in the stock – that’s what we’ve seen,” said Grant Williamson, a director at Hamilton Hindin Greene. “Investors are excited” by the company’s prospects though they should be “a little bit cautious at these sorts of levels.”

Fletcher Building, the biggest construction and building products company on the NZX 50, rose 3.3 percent to $7.48 after its local affiliate, Formica Laminates (India) Private, agreed to buy the laminates manufacturing business of listed Indian manufacturer Well Pack Papers & Containers in the Indian state of Gujurat for 365 million rupees ($8.2 million).

“It highlights the potential of the Indian market for that division of Fletcher,” Williamson said.

Contact Energy, the biggest power company on the NZX , fell 2.6 percent to $5.21 after its controlling shareholder, Australia’s Origin Energy, warned last week that regulatory and pricing decisions would cut underlying profit as much as 10 percent this year.

Among smaller stocks, Genesis Research and Development was halted from trading at 1.8 cents and told the ASX it may not have enough funds to keep operating without a loan or more support from shareholders.

Telecom, the biggest phone company on the NZX 50, rose 1 percent to $2.435, and Chorus, the networks company spun off from Telecom last year, rose 0.9 percent to $3.27. Chorus has gained 3.9 percent this year.

Australia & New Zealand banking Group fell 1.8 percent to $31.34 after shedding its 79 cents a share final dividend. Westpac Banking Corp, the other Australian bank that trades on the NZX, rose about 1 percent to $33.40.

Retailer Warehouse Group rose 0.3 percent to $3.19 and Fisher & Paykel Healthcare climbed 1.2 percent to $2.46.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Wool Exports Jump To The Highest In More Than A Decade

New Zealand wool exports jumped to their highest level in more than a decade in June, aided by a lower currency and strong demand from China, the nation’s largest market. More>>

ALSO:

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

ALSO:

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news