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

 


MARKET CLOSE: NZ shares rise in short session; retailers up

MARKET CLOSE: NZ shares rise in shortened session; Hallenstein leads gains in retailers

Dec. 24 (BusinessDesk) – New Zealand shares rose in a shortened pre-Christmas session, with Hallenstein Glasson Holdings leading some retailers higher after figures showed seasonal sales are tracking ahead of last year. Metlifecare fell after joining the benchmark index.

The NZX 50 Index rose 3.08 points, or 0.1 percent, to 4057.82. Within the index, 25 stocks rose, 16 fell and nine were unchanged. Turnover was just $33.4 million.

Hallenstein, the clothing chain, rose 3 percent to $5.50 in modest trading. Jeweller Michael Hill International rose 1.6 percent to $1.24, outdoor equipment chain Kathmandu rose 1 percent to $1.99 and Warehouse Group, the biggest retailer on the NZX 50, gained 1 percent to $3.

Figures from Paymark, which processes about 75 percent of the nation’s electronic retail transactions, show sales last week were up 2.6 percent on the same week of 2011. Local stocks gained even after key benchmarks on Wall Street were down 0.9 percent.

“It’s very quiet Christmas trading – and not a bad performance considering what happened offshore,” said David Price, a broker at Forsyth Barr. “There’s no corporate news and unlikely to be for the next couple of weeks.”

The kiwi dollar has fallen to a three-week low, and that’s helped underpin the local stock market, he said.

PGG Wrightson, the nation’s largest rural services company, rose 5 percent to 42 cents and was the biggest gainer on the benchmark index.

Metlifecare, the retirement village operator, fell 1.9 percent to $3.07 in its first day trading in the NZX 50. Summerset Group, the other retirement village added to the index today, rose 0.5 percent to $2.23.

They replaced NZ Refining, up 2.9 percent to $2.50 today, and Goodman Fielder, unchanged at 76 cents.

Fletcher Building, the biggest company on the NZX 50, rose 0.6 percent to $8.30. Telecom rose 0.9 percent to $2.28 and Contact Energy fell 1.7 percent to $5.30.

NZX, the stock market operator, rose 2.5 percent to $1.22. Port of Tauranga fell 1.3 percent to $13.08 and fishing company Sanford fell 1.6 percent to $4.25.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news