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

 


MARKET CLOSE NZX 50 index closing on 1,000 point rise

MARKET CLOSE NZX 50 index closing on 1,000 point rise in one year

Jan 17 (BusinessDesk) - New Zealand shares rose as another consumer confidence survey showed improving sentiment, especially in Auckland, even as Australian jobs data disappointed financial markets.

The NZX50 rose 27.57 points, or 0.66 percent, to 4196.81, closing on a 1,000 point gain in the last 12 months. On the same day last year, the NZX50 stood at 3234.805. Within the index 22 stocks rose, 15 fell, and 13 were unchanged.

The biggest gain of the day going to Warehouse Group, up 3.23 percent to $3.20, while heavyweight Fletcher Building was up 2.47 percent to $9.11, having risen more than a dollar over the last six weeks and showing a 20.65 percent gain over the last three months on the back of improving economic sentiment.

However, Rob Mercer of broking firm Forsyth Barr warned while Fletcher's earnings outlook was undoubtedly improving, "it's still a challenging market".

"You're seeing people favour certain cyclicals, but like anything, the market is pushing some of the fundamentals close to fair value."

While equities were increasingly back in favour, especially with current low interest rates, he doubted New Zealand stocks would show another 25 percent gain, as seen in the NZX50 index over the last year.

"The market now is very close to full value."

Outside the NZX50, Turners Auctions gained 9.38 percent to $2.10 after issuing a strong profit upgrade.

Among decliners, Pumpkin Patch lost some of this week's gains, falling 2.8 percent to $1.39, but remains 5.93 percent higher than it was a week ago. PGG Wrightson fell 2.13 percent to 46 cents.

Also among stocks to fall was Air New Zealand, down 1.17 percent to $1.265, amid reports that Boeing's Dreamliner fleet has been grounded in the US.

However, Mercer said there should be no impact on Air New Zealand from the news. The airline had deliberately chosen to delay receipt of its first 787 Dreamliner aircraft in order to take Series 9 planes, whereas the grounded aircraft are Series 8 and problems would be ironed out before the Series 9 was released.

"That was the choice they made,' he said. "These things are good headlines at the moment, but they're not a reason for someone to be nervous about Air New Zealand."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>


Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news