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


MARKET CLOSE: NZ shares mixed; Fletcher, Diligent gain

MARKET CLOSE: NZ shares mixed; Fletcher, Diligent rise, Telecom falls

Nov. 21 (BusinessDesk) - New Zealand shares were mixed, with Fletcher Building pacing gainers after giving an upbeat earnings outlook yesterday, while Telecom and Sky Network Television fell.

The NZX 50 Index fell 1.71 points, or 0.04 percent, to 3971.23. Within the index, 19 stocks gained, 22 fell and nine were unchanged. Turnover was a higher-than-average $145 million.

Fletcher, the biggest company on the NZX, rose 1.1 percent to a 13-month high close of $7.73, adding to yesterday’s 3.7 percent gain when it said operating earnings will grow by as much as 22 percent in the 2013 financial year as new home construction accelerates and the firm keeps a lid on costs.

“We’re definitely seeing some pretty keen interest” in Fletcher since its announcement yesterday, said Grant Williamson, a director at Christchurch-based brokerage Hamilton Hindin Greene. The market generally has been buoyed by an inflow of funds from retail investors fed up with lowly returns from deposits, he added.

Diligent Board Member Services climbed 2.7 percent to a record close of $4.60. The stock has surged since 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.

“It is still a very good growth story,” Williamson said. Media reports that the company is mulling a Nasdaq listing also bode well for the shares since US tech companies tend to trade on higher multiples than Diligent, he said.

Xero, the cloud-based accounting service, rose 4.1 percent to $6.35, I cent below the record reached last week.

Summerset Group gained 3.6 percent to $2.04 after the retirement village operator said it has lifted its long-term annual build rate for new retirement units and agreed to an increase in its bank facilities to help fund the expansion.

The Wellington-based company is now aiming to build 300 units a year by 2015 compared to a target in the prospectus for its initial public offering last year of 250 units a year by 2016.

Comvita, which sells products based on the health and medical benefits of honey, rose about 3 percent to $3.81. While first-half profit fell 7.4 percent in the face of a shortage of Manuka honey, the profit drop mainly reflected restated year-earlier figures. Sales climbed to $45.4 million from $41.8 million and chairman Neil Craig said it expects a repeat of the pattern of stronger second-half trading.

Sky TV, the pay-TV company, fell 1.8 percent to $4.98. Clothing retailer Hallenstein Glasson Holdings fell 2.3 percent to $5.15.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


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>>


International 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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news