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

 


MARKET CLOSE: NZ shares rise, edging back near 5-year high

MARKET CLOSE: NZ shares rise, edging back near 5-year high; Fletcher jumps

Dec. 7 (BusinessDesk) – New Zealand shares rose, with the NZX 50 Index nearing its 5-year high, as investors took heart in progress with Christchurch’s rebuild and a hot Auckland property market in driving Fletcher Building to the highest in 16 months.

The NZX 50 rose 18.16 points, or 0.5 percent, to 4041.52. Within the index, 21 stocks rose, 21 fell and eight were unchanged. Turnover was $91 million.

Fletcher, the biggest company on the NZX 50, rose 3.4 percent to $8.24, the highest close since July 22 last year. The stock picked up pace since the company told shareholders on Nov. 20 that operating earnings could rise as much as 22 percent in 2013 on new home building.

“We’re seeing reasonable momentum in Christchurch in terms of the rebuild,” said Mark Lister, head of private wealth research at Craigs Investment Partners.

“The last few announcements from the company have been taken pretty positively” and strength in the Auckland housing market has created a wealth effect, he said. “People are happy to renovate the bathroom when values are going up.”

The benchmark index has climbed 22 percent this year, about twice the gains of the Standard & Poor’s 500 Index and Australia’s S&P/ASX 200 Index.

Among other gainers today, Skellerup Holdings, which manufactures equipment for the dairy industry, rose 3.3 percent from a four-month low to $1.55.

OceanaGold, which slumped after raising C$93.3 million selling 30 million shares for C$3.11 apiece in Canada this week, rose 3.4 percent to $3.65. Fisher & Paykel Healthcare, which gets more than 50 percent of its sales of respirators and breathing masks in US dollars, rose 0.8 percent to $2.61.

Chorus, the network company spun off from Telecom last year, resumed its slide, falling 2.3 percent to $1.67. The shares tumbled earlier this week after the Commerce Commission released a draft determination on access pricing that the company said could slash annual pretax earnings as much as $160 million.

“Chorus is a really tough one to call,” Lister said. “The big unknown is how the regulator is going to approach this. It could be a great buying opportunity if they back away from the position they’ve taken” but the commission “could take a hard position and the business will suffer.”

Goodman Property Trust ended the session unchanged at $1.025. Unitholders today voted in favour of the acquisition of remaining shares in Auckland’s Highbrook Business Park for $186.6 million in cash and shares.

Trade Me, the auction website, fell 2.6 percent to $4.14 and carpet maker Cavalier declined 2.3 percent to $1.67.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news