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

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news