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

 


MARKET CLOSE NZ shares rise to 5-year high; PGW, RYM gain

MARKET CLOSE NZ shares rise to 5-year high; Wrightson, Ryman gain

Dec. 28 (BusinessDesk) – New Zealand shares rose, pushing the NZX 50 Index to a new five-year high, led by stocks that are among broker picks for 2013, such as PGG Wrightson and Ryman Healthcare.

The NZX 50 rose 15.45 points, or 0.4 percent, to 4080.90, the highest close since December 2007, bringing its gain this year to 24 percent. Within the index, 22 stocks rose, 12 fell and 16 were unchanged. Turnover was a lower-than-average $57 million, reflecting reduced trading during the Christmas-New Year holiday period.

Wrightson, the nation’s biggest rural services company, gained 4.8 percent to 44 cents, the highest close since September 2011. It was among three companies singled out in an NZ Herald survey of brokers this week for gains in 2013.

Of the other two, Ryman rose 0.7 percent to a record $4.51 and Diligent Board Member Services rose 0.6 percent to $5.47, for a 183 percent gain this year.

“There’s quite a lot of confidence in the market” for 2013, said Greg Easton, an adviser at Craigs Investment Partners. “While we don’t expect another 25 percent gain next year, returns will still beat the banks.”

Telecom rose 2.9 percent to $2.31 and has gained 9.2 percent this year. Australian wealth manager AMP rose 2.8 percent to $6.17.

Hellaby Holdings rose 5.6 percent to $3.38, adding to its gains yesterday, when the company said it would buy a controlling stake in specialised engineering maintenance and industrial cleaning company Contract Resources.

Pacific Edge, which is marketing a test for bladder cancer, rose 6 percent to 53 cents.

Fletcher Building, the biggest company on the NZX 50, fell 0.6 percent to $8.40. Contact Energy declined 0.2 percent to $5.27.

Hallenstein Glasson Holdings, the clothing chain, fell 1.1 percent to $5.34 and Restaurant Brands, the fastfood operator, fell 1.5 percent to $2.64.

Mainfreight, the transport and logistics company, rose 1.1 percent to $11.80, OceanaGold climbed 1.5 percent to $3.45 and Sky Network Television rose 1.2 percent to $4.90.

Steel & Tube Holdings, which sells steel building materials, dropped 1.6 percent to $2.40 and was the biggest decliner today.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news