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

 


MARKET CLOSE: NZ shares drift off six year high

MARKET CLOSE: NZ shares drift off six year high

Feb. 1 (BusinessDesk) – New Zealand stocks took a breather, with the NZX 50 Index of leading stocks coming off a 76-month high at the end of January.

The NZX50 stood at 4,425.93, a decrease of 6.173 points, or 0.2 percent. Within the index, 17 stocks rose, 21 fell, and 12 were unchanged. Turnover was $148 million.

“We stayed strong through the end of January, but buyers stood aside for the first time in a while,” said Bryon Burke at Craigs Investment Partners. “It was due for a bit of a pull-back. There are a lot of prices that have gapped up on fairly thin volumes during January."

Market leader Fletcher Building, which stands to gain from the Christchurch rebuild and a spurt of housing activity in Auckland, fell 1.3 percent from yesterday’s $9.52 – its highest in five years – to close at $9.40.

Among the few gainers, outdoors equipment chain Kathmandu was the star performer, putting on 4.1 percent to close at $2.30 after announcing it would report an increased net profit for the half year by as much as 75 percent on the same period a year earlier.

Net profit was between $9.5 million and $10.5 million in the six months ended Jan. 27, compared to $6 million a year earlier, the retailer said in a statement. That came from a 13 percent increase in sales to $165.8 million. The result was in line with management’s expectations, and reflected strength in the Australian market.

New Zealand Oil & Gas also stayed strong after a positive quarterly activities report this week, up 2.2 percent to 92 cents.

Focus is slowly shifting to the mid-year earnings season, with the first major announcement due from Sky City on Feb. 13. Sky City shares were down 0.8 percent to $3.94 on a day when the company made a statement to the NZX saying it had been exploring investment opportunities in the Philippines but had no material announcements to make at present.

Leading the market lower was PGG Wrightson, down 2.3 percent at 43 cents, followed by a 1.7 percent drop in dual listed insurance and investment house AMP, at $6.55.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news