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

 

Media: Fairfax Moves To Create Modern Newsroom

Fairfax Media New Zealand continues its newsroom transformation this week, with a proposal to further organise its editorial operations into focused, local teams and specialist national topic areas. More>>

ALSO:

Dairy: Fonterra Forecast For 2015/16 Season

Fonterra Co-operative Group Limited has today reduced its forecast Farmgate Milk Price for the 2014/15 season to $4.40 per kgMS. Along with its previously announced forecast dividend range of 20-30 cents per share, the change amounts to a forecast ... More>>

ALSO:

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>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news