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

 


MARKET CLOSE NZX 50 up on continuing positive tone

MARKET CLOSE NZX 50 up on continuing positive tone; 27 shares rise, 9 fall

Jan 14 (BusinessDesk) – New Zealand shares rose in relatively light trading, the positive tone led by high-yielding retailer Pumpkin Patch and the country’s largest construction company, Fletcher Building.

The NZX 50 Index rose 22.16 points, or 0.53 percent, to 4153.91 at 5pm. Within the index, 26 stocks rose, while 10 fell, leaving 14 unchanged. Turnover was $69.0 million in light early new year trading.

“We’ve seen a bit of a continuation of the first two weeks of the year,” said Bryon Burke at Craigs Investment Partners. “Stocks are edging up, albeit in patchy trading. The big picture is there’s still quite a bit of momentum for equities.”

Leading gainers was Pumpkin Patch, up 6.47 percent to $1.48, while heavyweight Fletcher Building rose 1.61 percent to $8.86, on the same day as the Westpac McDermott-Miller employment intentions index showed strong growth in job hiring intentions in Christchurch, where the post-earthquake rebuild now appears to be gaining momentum.

Transport logistics firms Freightways and Mainfreight moved in opposite directions, with Freightways gaining 1.6 percent to $4.45, while Mainfreight was off on small volumes by 0.76 percent at $11.80, after last week cracking $12 a share for the first time.

PGG Wrightson led falling stocks, dropping 2.08 percent to 47 cents, followed by online accounting software play Xero, down 1.29 percent to $7.10.

New Zealand Oil and Gas was off 1.14 percent to 87 cents after announcing spudding in of a well in one of its Sumatran prospects, at an initial cost to the company of US$6.5 million. The well is NZOG’s first offshore drilling initiative.

Burke said the global trend towards equities was likely to continue affecting New Zealand shares, notwithstanding the local bourse’s out-performance of larger exchanges in 2012, because yields continued to be unattractive in fixed interest and bonds.

“The worst case scenario for us, while interest rates are low, is that equities may not perform as well, but there’s nowhere else to go,” he said.

(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