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

 


MARKET CLOSE: NZ shares mixed; Goodman, Refining fall

MARKET CLOSE: NZ shares mixed; Goodman Fielder, NZ Refining fall on NZX 50 exit

Dec. 14 (BusinessDesk) – New Zealand shares were mixed, with Goodman Fielder and NZ Refining down ahead of their exit from the NZX 50 Index, while Ryman Healthcare, rated ‘outperform’ in a Reuters poll, led gainers.

The NZX 50 rose 4.44 points, or 0.1 percent, to 3979.17. Within the index, 18 stocks rose, 26 fell and six were unchanged. Turnover was $156 million.

The benchmark index is heading for a 22 percent gain this year, though it has retreated from the five-year high charted at the start of the month, outpacing gains in Australia’s S&P/ASX 200 Index and America’s Standard & Poor’s 500 Index.

Goodman Fielder, the Australasian food manufacturer, declined 4.9 percent to 77 cents and NZ Refining, which operates the nation’s only oil refinery, fell 4.7 percent to $2.42. The two companies will be replaced in the benchmark index on Dec. 24 by retirement village operators Summerset and Metlifecare.

“There’s a little bit of weakness as those changes happen in a quiet market,” said James Lee, head of institutional equities at First NZ Capital. He’s “expecting liquidity to dry up as we head into Christmas” though the index changes “mean people have to focus a bit longer.”

Summerset slipped 0.5 percent to $2.23 with 1.3 million shares changing hands, having climbed 66 percent this year. Metlifecare rose 1.3 percent to $3.10, for a 34 percent gain this year.

Chorus, the network company spun off from Telecom last year, fell 1.5 percent to $2.70, extending its slide following last week’s draft determination from the Commerce Commission to cut prices it can charge for access to its lines. Telecom rose 0.9 percent to $2.17.

Fletcher Building, the biggest company on the benchmark index, fell 0.4 percent to $8.26.

Ryman Healthcare rose 3.5 percent to $4.39 and has jumped 54 percent this year. The company was cited as a ‘hot stock’ in 2013 by Craigs Investment Partners, according to a National Business Review survey. Rural services company PGG Wrightson, picked in the same survey by brokerages Hamilton Hindin Greene and Forsyth Barr, rose 2.7 percent to 38 cents.

APN News & Media fell 5.3 percent to 36 cents, echoing declines in its ASX-listed stock after the media company lowered its earnings guidance.

Among smaller stocks, Dorchester Pacific, a financial services company, rose 11 percent to 31 cents. Winemaker Delegat’s Group fell 1.6 percent to $3.10.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

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