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


MARKET CLOSE NZX 50 at five-year high

MARKET CLOSE NZX 50 at five-year high, OceanaGold, Kathmandu, Telecom gain

Jan. 9 (BusinessDesk) –New Zealand shares rose, nudging the NZX 50 to a five-year high. OceanaGold, Kathmandu and Telecom led gainers.

The NZX 50 Index rose 13.17 points, or 0.3 percent, to 4103.54. Within the index, 24 stocks rose, 18 fell and eight were unchanged. Turnover was $130.8 million.

The local benchmark has been rising ahead of earnings in February. Some companies have given favourable mid-quarter updates that have lifted expectations earnings won’t disappoint and dividend yields on shares like Telecom make them attractive versus fixed income securities.

OceanaGold, which operates the Macraes gold field, rose 6.2 percent to $3.43. Kathmandu, the children’s clothing chain, gained 3.4 percent to $2.11.

Telecom, which has a dividend yield of 13.3 percent, rose 3.1 percent to $2.31. Sky City Entertainment, the casino and hotel company, rose 1.1 percent to $3.81. It has a dividend yield of 5.8 percent.

PGG Wrightson, the nation’s biggest rural services company, rose 2.2 percent to 47 cents.

Decliners were led by Skellerup, down 2.4 percent to $1.63. Contact Energy, the biggest power utility on the NZX 50, fell 2.3 percent to $5.17.

Fletcher Building, the biggest company on the NZX 50, was unchanged at $8.45 with 2.8 million shares changing hands.

Guinness Peat Group, which is winding down its investment portfolio, rose 0.9 percent to 59.5 cents.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news