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

 


MARKET CLOSE: NZ shares rise in light holiday trading

MARKET CLOSE: NZ shares rise in light holiday trading; Fletcher, Hellaby gain

Dec. 27 (BusinessDesk) – New Zealand stocks rose in light holiday trading, helped by gains in Fletcher Building, with US fiscal cliff negotiations likely to be the focus through the year end. Hellaby Holdings rose after agreeing to buy a maintenance and industrial cleaning business.

The NZX 50 Index rose 7.627 points, or 0.2 percent, to 4065.447. Within the index, 20 stocks rose, 18 fell and 13 were unchanged. Turnover was a lower-than-average $46 million.

Japan’s Nikkei 225 Index led equity markets higher across the Asia Pacific region, rising 0.9 percent in early afternoon trading, as the government signalled its intention to do more to weaken the yen and stoke the world’s third-largest economy. Australia’s S&P/ASX 200 Index rose 0.2 percent.

“Investors are still looking for signs politicians are getting closer to some sort of agreement” in Washington,” said Grant Williamson, a director at Hamilton Hindin Greene. “Our market is overall up but there’s no news to speak of apart from Hellabys. A lot of participants are not looking at their screens.”

Hellaby rose 4.9 percent to $3.20 after the diversified investment company agreed to buy 85 percent of Contract Resources for $73 million plus debt after a search of almost two years for a suitable asset.

Contract Resources "has a pretty strong growth profile,” Williamson said. “It represents further diversification within their portfolio.”

Fletcher, the biggest company on the exchange, rose 1.8 percent to $8.45, bringing its advance this year to 34 percent. The stock is rated ‘outperform’ based on the consensus of 11 analyst recommendations compiled by Reuters.

Diligent Board Member Services, whose software helps company directors keep track of business, fell 1.6 percent to $5.44 as some investors locked in gained following its 183 percent surge this year.

Pacific Edge, which is marketing a test kit for bladder cancer, rose 11 percent to 50 cents. The Otago Daily Times named chief executive David Darling as its Business Leader of the Year and he told the newspaper in an interview that the company would extend its global expansion over the next 12 to 18 months.

Hallenstein Glasson Holdings, the clothing chain, was the biggest decliner on the NZX 50, falling 1.8 percent to $5.40, even after Paymark figures showed a 13.4 percent jump in Boxing Day consumer spending versus the same day last year. Warehouse Group, the biggest retailer on the benchmark index, was unchanged at $3.

Skellerup Holdings, which manufactures milking equipment and rubber goods, rose 3.3 percent to $1.58, the biggest gain on the NZX 50 today. Cavalier, the carpet maker, rose 3.1 percent to $1.67.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news