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

 


MARKET CLOSE: NZX 50 rises to highest in almost 5 years

MARKET CLOSE: NZX 50 rises to highest in almost 5 years; Wrightson, Vector, Contact gain

Nov. 26 (BusinessDesk) - New Zealand’s benchmark NZX 50 Index to its highest close in almost five years, joining a global rally amid demand for higher yields an optimism Europe will grant Greece its next tranche of financial aid. PGG Wrightson, Vector and Contac t Energy gained.

The NZX 50 gained 3.69 points, or 0.1 percent, to 4012.02, the highest since early January 2008. Within the index, 19 stocks rose, 17 fell and 14 were unchanged. Turnover was about $87 million

The Dow Jones Industrial Average rose 1.4 percent on Friday, rounding out a 3.3 percent weekly gain. In Asia today, Japan’s Nikkei 225 Index was 0.7 percent higher in early afternoon trading.

“It was a big week last week with offshore markets playing risk on,” said David Price, a broker at Forsyth Barr. “It is a global phenomenon where it doesn’t pay to be a saver” and that’s prompting investors to take on more risk and buy shares.

Wrightson, the nation’s biggest rural services company, gained 6.1 percent to 35 cents, a three-week high. The stock is rated ‘outperform’ based on the consensus of five analysts polled by Reuters, with a price target of 49 cents.

Vector, the Auckland-based lines company, rose 1.9 percent to $2.66, recovering from the five-month low reached on Friday. The stock has tumbled in the past two weeks after the company lost its final appeal against the way the Commerce Commission set starting prices for the new regime regulating prices for its monopoly services.

Contact, the biggest utility on the exchange, rose 1.4 percent to $5.15.

Heartland New Zealand rose 1.5 percent to 70 cents. The building society said after the market closed that it expects to find out the success of its application for a banking licence before Christmas, having previously anticipated a decision in November.

Fisher & Paykel Healthcare rose 1.6 percent to $2.50, the highest close in 11 months. Last week the maker of breathing masks and respirators beat its guidance with an 18 percent gain in first-half profit, making record sales while keeping a rein on costs and widening its margins. It said profit in the full-year would also beat its estimate.

Fletcher Building, the biggest company on the exchange, fell 0.3 percent to $7.97, having closed above $8 on Friday when brokerage Forsyth Barr upgraded the stock to a 'buy.'

Among smaller companies, NZ Experience, the operates the Rainbow’s End fun park, jumped 9.8 percent to 45 cents after Wellington-based Rangatira indicated it would acquire the 74.86 percent stake owned by the Trustees of the Estate of George Ryerson Gardiner as part of a full takeover at 36 cents a share.


(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news