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

 

Real Estate: Housing Prices Head South In Most Of NZ

Housing became more affordable for first home buyers in many parts of the country including Auckland last month, as falling prices more than offset rising mortgage interest rates. More>>

ALSO:

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
  • Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news