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

 


MARKET CLOSE Positive New Year tone rumbles on

MARKET CLOSE Positive New Year tone rumbles on

Jan 23 (BusinessDesk) – New Zealand shares eked out another rise as the broadly positive tone since New Year continued, with substantial volumes noted in some key stocks.

The NZX50 Index was up 0.64 points, or 0.01 percent, to 4187.72. Within the index, 23 stocks rose, 14 rose and 13 were unchanged. Turnover was $ 133.213 million.

“There seems to be some reasonable volume in some stocks,” said Craig Brown, a senior investment analyst at OnePath, pointing to turnover of 4.888 million Argosy Property shares, which saw the stock rise 0.55 percent to 91.5 cents, for a gain over the last year of 12.96 percent, and 5.036 million Fletcher Building shares changing hands.+

The most heavily weighted stock in the NZX50, Fletcher has been touching 20 month highs and was confirmed as a supplier of wallboard to the Christchurch earthquake rebuild in a $40 million contract split with a new market entrant, German manufacturer Knauf. Fletcher touched a new 20 month high of $9.36 in late trading, and closed up 0.54 percent at $9.34.

“People are starting to come back and reinvest in the market as they get a little more comfort about the global outlook,” said Brown. “When people look at what they get in the bank and you have a relatively constructive view of the world, you do get pushed back towards equities.”

The biggest rise on the day was insurance and savings group AMP, up 2.46 percent to $6.66, followed by newly minted bank, Heartland, up 1.49 percent to 68 cents.

Among stocks to fall were PGG Wrightson, which was off 6.52 percent to 43 cents, continuing gyrations in recent days, and childrens clothing retailer Pumpkin Patch, down 3.6 percent to $1.34. Telecom was the third largest fall of the day, off 2.11 percent to $2.315.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news