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

 


MARKET CLOSE: NZ shares rise, Ryman at record, Metlife gains

MARKET CLOSE: NZ shares rise, Ryman at record, Metlifecare gains

Jan. 7 (BusinessDesk) – New Zealand shares rose, pushing the NZX 50 Index to a new five-year high as investors cheered Ryman Healthcare’s performance by pushing the retirement village operator to a record close. Rival Metlifecare also advanced.

The NZX 50 rose 9.803 points, or 0.2 percent, to 4084.84, the highest since December 2007. Within the index, 28 stocks rose, 10 fell and 12 were unchanged. Turnover was $72 million.

Ryman gained 2.4 percent to $4.77. The company is targeting 15 percent earnings growth this year and managing director Simon Challies told Fairfax Media that Ryman is aiming to be the biggest stock on the NZX. The shares have gained 66 percent in the past 12 months and are rated ‘outperform’ based on the consensus of six recommendations compiled by Reuters.

“Ryman is a great success story,” said David Price, head of institutional broking at Forsyth Barr. “The market has been prepared to pay up for their success because they have such a good track record.”

Metlifecare, which joined the NZX 50 on Dec. 24 along with fellow retirement home company Summerset Group, gained 2.6 percent to $3.21. Summerset was unchanged at $2.26.

Price said the New Zealand market is probably around fair value currently. Equity markets have been driven higher by relatively low interest rates, which have encouraged investors to buy stocks. The Standard & Poor’s 500 Index closed at a five-year high on Friday.

Mainfreight, the transport and logistics group, rose 1.6 percent to $12, the first time it has closed at that level. The company is rated ‘outperform’ based on a Reuters poll.

Michael Hill International, the jewellery chain, gained 1.6 percent to $1.25 and children’s clothing retailer Pumpkin Patch climbed 1.5 percent to $1.35.

Carpet maker Cavalier rose 1.2 percent to $1.69 and Ebos Group, the medical supplies and petfood company, rose 1.2 percent to $8.45.

OceanaGold, operator of the Macraes gold field, fell 3.5 percent to $3.27 and PGG Wrightson, the nation’s biggest rural services company, fell 2.2 percent to 45 cents.

Fletcher Building, the biggest company on the NZX 50, was unchanged at $8.48 and Telecom, the second-largest, added 0.7 percent to $2.195. Contact Energy fell 0.9 percent to $5.27.

Xero, the cloud-based accounting service, rose about 1 percent to $7.47 and Diligent Board Member Services, whose software for company directors can be used on an iPad, fell 0.4 percent to $5.48.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

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:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news