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

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news