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

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news