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

 


MARKET CLOSE Trade Me, Fonterra rise ahead of index changes

MARKET CLOSE Trade Me, Fonterra rise ahead of index changes

Jan 16 (BusinessDesk) - The steam came out of the NZX 50 Index, although investors continued to favour Fonterra tradable units and Trade Me, owing to index changes taking place next Monday.

The NZX50 Index fell 1.72 points, or 0.4 percent, to 4169.23, on volume of 32.65 million shares, valued at $101.8 million. Within the index, 20 shares rose, and 19 fell, leaving 11 unchanged.

"The highlights this week are the index changes," said James Snell at First NZ Capital. "People have been pre-empting those moves. Both stocks have got gradually better over the week.

Fonterra Shareholders Fund tradeable units will enter the NZX50, replacing lowest ranked Cavalier Corp, while Trade Me's rating will increase from 1.83 percent at present.

In the last week, FSF units have risen from $7.31 to $7.49, and were up 0.8 percent today at a new record of $7.49. The units sold at $5.50 in last November's initial public offering and listed at $6.67.

Trade Me shares have risen 5.4 percent in the last week and closed today at $4.16, up 1.5 percent.

Biggest gainer on the day was Oceana Gold, up 5.2 percent to $3.48, while dual-listed APN News & Media, publisher of the New Zealand Herald and rarely traded on the NZX, had the second strongest gain, up 2.86 percent to 36 cents.

Falling most were telecommunications component-maker Rakon, down 2.7 percent to 36 cents also, and outdoor equipment and clothing company Kathmandu down 1.85 percent, to $2.12.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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