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

 


MARKET CLOSE January rally takes NZX50 to highest since 2007

MARKET CLOSE January rally takes NZX50 to highest since Oct 2007

Jan 30 (BusinessDesk) - New Zealand shares rallied again as a "whiff of recovery" emerges about the forthcoming earnings season, amid an accumulation of more promising news about the world economy.

The NZX50 Index shot to 4,247.546, its highest since late October 2007, before the global financial crisis and just as New Zealand began heading into a domestic recession which preceded the global events.

That was a gain on the day for the leading stocks index of 47.25 points, or 1.12 percent, on turnover of a respectable $134.40 milllion. Within the index, 33 stocks rose,10 fell, and seven were unchanged.

"We have seen a very sharp rally in a very short period of time," said Shane Solly, at Mint Asset Management. "That tends to be what happens when people move asset classes so you get sharp reactions.

"We're certainly catching the whiff of a recovery story out there," Solly said.

Mint had forecast earlier this month there was "more juice" in the NZX tank, despite a 25 percent rise in the NZX50 last year. However, Solly was surprised by how quickly it's happened over January, ahead of the corporate earnings season that kicks off in earnest the week after next.

The impact of dividends and changes to the make-up of the NZX50 distorts long term trends, but the index is still watched as a bellwether.

Leading the index higher today was infrastructure investor Infratil, up 4.15 percent to $2.51, its strongest performance this month, followed by childrens clothes maker Pumpkin Patch, up 3.79 percent to $1.37, and Freightways, up 2.69 percent at $4.58.

Retirement home operators Metlifecare and Ryman Healthcare were the next biggest risers, up 2.53 percent to $3.24 and 2.4 percent to $4.69 respectively.
After announcing a return to two dividend payments a year and strong prospects in Tunisia and New Zealand, NZ Oil & Gas was up 2.30 percent to 89 cents.

Oceana Gold was the biggest loser, down 3.38 percent to $3.25, while Fonterra Shareholder Fund units closed at$7.05, down 0.28 percent, after falling as low as $7.01 during the day after a difficult week fending off fears about the discovery of minute traces of a nitrification inhibitor in milk powder.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Wool Exports Jump To The Highest In More Than A Decade

New Zealand wool exports jumped to their highest level in more than a decade in June, aided by a lower currency and strong demand from China, the nation’s largest market. More>>

ALSO:

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

ALSO:

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news