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

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news