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

 


MARKET CLOSE: NZ shares mixed; Diligent, Air NZ gain

MARKET CLOSE: NZ shares mixed; Diligent, Air NZ gain, Fletcher falls

Nov. 19 (BusinessDesk) – New Zealand shares were mixed, with market heavyweights Fletcher Building and Telecom pulling the NZX 50 Index lower, while Air New Zealand paced gainers after confirming it topped up its holding in Virgin Australia to avoid being diluted.

The NZX 50 fell 5.23 points, or 0.1 percent, to 3942.60. Within the index, 18 stocks rose, 16 fell and 16 were unchanged. Turnover was a higher-than-average $155 million.

Air New Zealand rose 2.1 percent to $1.23 saying it has kept its stake in partner airline Virgin Australia, buying 49.1 million shares to retain ownership at 19.99 percent after Singapore Airlines joined the shareholder register.

Diligent Board Member Services rose 2.8 percent to a record close of $4.38following its announcement last week that revenue soared 145 percent in the three months to Sept. 30 and margins widened as the company's corporate governance product begins to gain scale in key markets.

Xero, the cloud-based accounting service, rose 2.4 percent to $5.99, recovering some of the ground lost last week when it said it would chase sales growth at the expense of profits.

Diligent and Xero “are both still being looked at by a number of market players,” said Paul Valk, an adviser at Craigs Investment Partners.

He said funds are flowing into the stock market from the maturation of bonds from corporates including ANZ Bank, Guinness Peat Group and Prime Infrastructure, as well as money being reinvested after Haier acquired F&P Appliances.

Fletcher, the biggest construction and building products group on the exchange, fell 0.9 percent to $7.38. Telecom, the biggest phone company on the NZX 50, fell 0.4 percent to $2.38.

Cavalier, the carpet maker, rose 5.2 percent to $1.63, gaining from a four-month low plumbed last week when it cut its full-year earnings guidance after a slow start in the first quarter and demand in the Australian market that didn’t recover as expected.

Kathmandu, the outdoor equipment chain, rose 1.1 percent to $1.87. last week the company said first-quarter sales rose 19.5 percent in the first quarter, with Christmas and New Year sales key to earnings growth.

PGG Wrightson, the rural services company, fell 3 percent to 32 cents. Vector, the Auckland-based power and gas lines company, fell 1.9 percent to $2.66.

Nuplex Industries, the specialty chemicals manufacturer, rose 1.7 percent to $2.95 and Mainfreight, the transport and logistics company, gained 1.1 percent to $10.70.

NPT, the property investor, fell 1.6 percent to 61 cents. returned to profit in the first half, reflecting an increase in the value of its rejuvenated Eastgate Shopping Centre in Christchurch after the value of property tumbled in the year earlier period.

Profit in the six months ended Sept. 30 was $8.77 million, from a loss of $9.83 million a year earlier, helped by property revaluations. Rental income fell to $5.6 million from $9.1 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news