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

 


MARKET CLOSE NZ stocks resume positive tone

MARKET CLOSE NZ stocks resume positive tone as earnings season approaches

Jan 21 (BusinessDesk) - New Zealand stocks regained their positive tone today, with gentle rises across the board in light trading, affected by Wellington Anniversary Day and subdued global markets owing to the Martin Luther King long weekend in the US.

The NZX 50 Index rose 21 points, or 0.5 percent, to 4185.18. Within the index, 31 stocks rose, 11 stocks fell, and eight were unchanged. Volume was relatively light, compared to trading last week, with a total value of $109.379 million.

Telecom led the index higher, followed by Fletcher Building. It was also the first day the Fonterra Shareholders Fund was included in the index, at a weighting of 1.56 percent. After running up last week, FSF units were off 0.54 percent on the day, to close at $7.30.

Trade Me, whose index weighting increased to 3.6 percent, was also down, 0.74 percent to $4.05, after rising ahead of the index up-weight. Index heavyweights Fletcher Building and Telecom, making up almost 25 percent of the index between them, were up 1.64 percent to $9.30 and 0.85 percent to $2.36 respectively.

"Looking at where portfolios are at the moment, Telecom offers reasonable yield while Fletcher Building will benefit from recovery in New Zealand and Australia," said Shane Solly, at Mint Asset Management.

Steel & Tube, which may also benefit from the Christchurch post-quake rebuild spend, was third strongest gainer on the day, up 2 percent to $2.55, with the strongest gain going to childrens' clothing manufacturer Pumpkin Patch, up 3.01 percent to $1.37 and aged care provider Metlifecare, up 2.2 percent to $3.25.

The Warehouse Group came back up off recent lows to $3.15, up 0.61 percent.
"The theme from retail sentiment is that the Christmas and New Year trading was OK," said Solly. The proof would be in the mid-year earnings season, which is due to kick off in a fortnight, and will include the crucial Christmas and Boxing Day sale periods.

However, Mint would be "watching for companies coming out saying, 'err, we didn't quite make it'," especially if last year's pattern was repeated in 2013. "Expectations across the market have been pared back a long way," he said.

Expectations are for "high single digit, low double digit" profit growth, at best.

Otago and Philippines goldminer Oceana Gold led falls, down 1.15 percent to $3.45.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Broadband Network: Spark Launches New, Competitive Ultra Fibre Plan Line-Up

Spark is giving customers an even more compelling reason to switch to its Ultra Fibre plans from today with the introduction of new competitive pricing for the majority of its plans (details below) and Fibre Landline (voice-over-fibre technology) for ... More>>

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news