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

 


MARKET CLOSE NZ stocks continue upward New Year march

MARKET CLOSE NZ stocks continue upward New Year march

Jan 15 (BusinessDesk) - New Zealand shares rose today, with strong gains among stocks exposed to the Auckland economy and more strong sales figures from software-as-a-service firm Diligent Board Services, which pushed its share price to new highs.

The NZX 50 Index rose 17.038 points, or 0.41 percent, to 4170.955. Within the index 24 stocks rose, 19 fell, and seven were unchanged on turnover of $104.79 million.

While carrying a weighting of only 1.1 percent in the NZX50, Diligent hit an all-time trading high of $5.61 during the day, according to Reuters, and closed up 0.9 percent at $5.54, capping an increase of 151.8 percent in the last 12 months.

The company reported sales for the 12 months to Dec. 31 of US$26.3 million, a 66 percent increase over the previous year, greater than all its trading years since listing in 2007 combined.

The report to the market also disclosed a decline in the rate of sales growth, but an equities vice-president at NZ First Capital, James Schofield, said retention rates of 97 percent and the company's banked cash of US33.4 million indicated Diligent's potential for strong, high margin growth.

The company markets software that allows company board papers to be digitally organised and presented for directors.

"SAAS companies generally have very high margins once they hit critical mass," said Schofield. "Diligent is right in the top range."

Elsewhere in the index, Auckland-centred companies Vector, Auckland International Airport and Sky City were all strong performers as a business confidence survey and real estate figures indicated a more buoyant year for the country's largest city and the New Zealand economy generally.

Vector was up 3.65 percent to $2.84, to lead the index higher, while SkyCity was third strongest riser for the day, up 2.6 percent to $3.95, followed by AIA, up 1.82 percent to $2.795.

Outdoor equipment chain Kathmandu recovered ground lost yesterday, up 2.86 percent to $2.16, for the second strongest gain of the day.

The biggest loser on the day was Restaurant Brands, down 2.7 percent to $2.85, with only Telstra and Pumpkin Patch also exceeding a 2 percent fall, closing at $5.56 and $1.45 respectively.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Scoop Business: ComCom Charges Hawkins’ Finance Companies Over Debt Recovery

The Commerce Commission has filed criminal proceedings against two finance companies run by former 1980s high-flyer Allan Hawkins over their debt recovery practices. More>>

ALSO:

Science Media Centre: The Big Science Stories Of 2014

It was a dramatic year for science, one that witnessed a severe outbreak of Ebola in West Africa and an historic mission to land a space probe on a comet. On the home front... headlines with animal testing for 'legal highs', 1080 use to tackle increased pest numbers and court action over genetically modified organisms among the most-covered stories. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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