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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news