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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news