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

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news