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

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news