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

 


MARKET CLOSE: NZ shares rise on broker picks, global gains

MARKET CLOSE: NZ shares rise on broker picks, global gains; Wrightson leads

Jan. 3 (BusinessDesk) – New Zealand shares rose on the first trading day of 2013, following gains on Wall Street, as investors drove up companies that have featured on broker lists for 2013, such as PGG Wrightson and Ryman Healthcare.

The NZX 50 Index rose 15.85 points, or 0.4 percent, to 4082.36. Within the index, 33 stocks rose, eight fell and nine were unchanged. Turnover was a lower-than-average $49.6 million.

Wrightson, the nation’s biggest rural services company, rose 4.6 percent to 46 cents, the highest since August 30 last year. The company was one of three along with Ryman and Diligent Board Member Services to be picked by three brokerages in an NZ Herald survey.

Ryman rose 2.9 percent to $4.68 and Diligent advanced 0.6 percent to $5.50.

“There’s money chasing these broker picks in a very illiquid market,” said Matthew Goodson, portfolio manager at BT Funds Management. Helping sentiment, "there appears to be a very nice recovery occurring in the US. Housing has well and truly bottomed and we had a reasonable ISM.”

Markit's US Manufacturing Purchasing Managers Index rose to 54, higher than expected, and taken with the agreement in Washington on the fiscal cliff, helped the Dow Jones Industrial Average to climb 2.4 percent yesterday.

Fletcher Building, the biggest company on the NZX 50, rose 0.8 percent to $8.46 while Telecom fell 2.9 percent to $2.21.

Guinness Peat Group was unchanged at 59.5 cents after the investment firm said it had realised another 18.7 million pounds selling assets including wholly-owned subsidiary Gosford Quarry Holdings and stakes in Metals X, GME Resources, Nationwide Accident Repair Services, Sysmedia Group and Touch Holdings.

Xero, the cloud-based accounting service that soared in 2012, fell 1.6 percent to $7.48.

Skellerup Holdings, also featured among broker picks for 2013, rose 1.9 percent to $1.62. Contact Energy, the biggest power company on the benchmark index, rose 1.5 percent to $5.28.

Auckland International Airport, New Zealand’s busiest gateway, rose 1.5 percent to $2.71 and Infratil, a diversified investment company, gained 1.3 percent to $2.30.

Among small cap stocks, Pacific Edge, which is selling a test for bladder cancer, rose 5.6 percent to 57 cents. Dorchester Pacific rose 3 percent to 34 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news