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

 

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news