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: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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