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

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news