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

 


MARKET CLOSE: NZ shares fall; Goodman, Refining leave index

MARKET CLOSE: NZ shares fall; Goodman Fielder, NZ Refining leave index

Dec. 21 (BusinessDesk) – New Zealand shares fell, snapping a three-day rally as further delays to fiscal cliff talks in the US weighed on equity markets across Asia. Goodman Fielder and NZ Refining dropped as they exited the NZX 50 Index.

The NZX 50 fell 20.71 points, or 0.5 percent, to 4054.74. Within the index, 24 stocks fell, 20 rose and six were unchanged. Turnover was $165 million.

Goodman Fielder, the Australian food manufacturer, dropped 3.8 percent to 76 cents and NZ refining, the nation’s only oil refinery, declined 2.8 percent to $2.43. The two companies are leaving the benchmark index after the latest quarterly re-weightings, effective at the market open on Monday.

They will be replaced by retirement village operators Summerset Group, which fell 0.5 percent to $2.22 today, and Metlifecare, up about 2 percent to $3.13.

“A lot of people are out of the market ahead of Christmas,” said Rickey Ward, equities manager at Tyndall Investment Management. “The index changes are the main event today.”

Shares were generally weaker across the Asia Pacific region and US index futures fell after House Republican leaders cancelled a vote that allow higher taxes, a concession to the White House in the fiscal cliff talks.

Fletcher Building, the biggest company on the NZX 50, fell 2.4 percent to $8.25 and Telecom dropped 2.6 percent to $2.26. Port of Tauranga, the busiest export port, fell 1.8 percent to $13.25.

Diligent Board Member Services was the biggest gainer, rising 3 percent to $5.46 extending its 160 percent gain this year to a new record.

Chorus, the network company spun off from Telecom last year, rose 2.8 percent to $2.92, clawing back some ground after slumping this month on the threat of price controls.

Allied Farmers rose 16 percent to 2.9 cents. Crown Asset Management, the entity set up to handle assets from failed finance companies backed by the government’s deposit guarantee, will take up what’s left of the decimated Hanover and United Finance property assets from Allied, the company said today.

Abano Healthcare rose 4.1 percent to $6.30. The specialist healthcare investor and operator met its guidance with a jump in first-half profit as it acquired more dental practices in Australia and New Zealand.

Net profit was $1.5 million in the six months ended Nov. 30, from $600,000 a year earlier, the Auckland-based company said in a statement. Sales rose to $107.9 million from $102 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news