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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news