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

 


MARKET CLOSE: NZ shares gain; OceanaGold, Trade Me rise

MARKET CLOSE: NZ shares gain, OceanaGold bounces back, Trade Me at record

Feb. 26 (BusinessDesk) – New Zealand shares rose as OceanaGold bounced back on optimism it will resolve a tax dispute in the Philippines and auction Trade Me gained to a record.

The NZX 50 Index rose 12.47 points, or 0.3 percent, to 4238.91. Within the index, 21 stocks rose, 19 fell and 10 were unchanged. Turnover was a higher-than-average $165 million, led by trading in Telecom, Fletcher Building and Auckland International Airport.

OceanaGold rose 8.7 percent to $3. Yesterday the miner said transportation of copper-gold concentrate from its Didipio Mine in Luzon, the Philippines, has been temporarily suspended over a tax dispute. Didipio is the first project to be built and commence operations in the Philippines under that nation’s Financial and Technical Assistance Agreement.

“We’re of the view that is just a timing issue – they will get it resolved,” said David Price, a broker at Forsyth Barr. Also helping, spot gold gained, having fallen in recent weeks, he said.

Trade Me rose 5.9 percent to $4.70, a record-high close. The stock had weakened after the company posted its interim results on Feb. 20, lifting earnings by 2.7 percent and saying trading so far in the second half was consistent with the first half.

“The local market would be underweight the stock, which fell away after the result,” Price said. “The outlook was probably not as strong as the market had been looking for.”

PGG Wrightson, the rural services company, fell 4.7 percent to 41 cents ahead of its first-half results tomorrow.

Tower declined 0.5 percent to $1.89 after fund manager Fisher Funds agreed to buy it Tower Investments unit for $79 million.

“The reaction looks a little disappointing given the price they achieved,” Price said.

Telecom rose 1.1 percent to $2.32 and was the most traded stock by value. Heartland bank rose 1.4 percent to 73 cents, having declined yesterday when it posted a gain in profit helped by reduced expenses.

Air New Zealand rose 4.7 percent to $1.32 and Vital Healthcare gained 3.1 percent to $1.33.

Pumpkin Patch, the children’s clothing chain, led declines in some retailers, falling 2.1 percent to $1.37. Warehouse Group fell 2 percent to $3.36.

Delegat’s Group rose 1.5 percent to $3.36 after the wine maker lifted first-half profit by 31 percent, increasing sales of wine in North America and Europe and keeping expenses in check.

Northland Port fell 4.4 percent to $2.86 on light volume after reporting a 15 percent increase in first-half profit on increased export log volumes across the wharves at Marsden Point.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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