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

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news