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

 

Insurance: EQC To Double Payout, Scrap Contents Insurance

New Zealand’s Earthquake Commission may double its payout amount, scrap contents insurance and process claims through private insurers under the government’s long-running review of funding and management of the state-run earthquake insurer. More>>

ALSO:

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news