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

 


MARKET CLOSE: NZ shares rally; NZX gains on IPO prospects

MARKET CLOSE: NZ shares rally; NZX gains on listing prospects after ruling

Feb. 27 (BusinessDesk) – New Zealand shares rose, pushing the NZX 50 Index to a new five-year high, as a court ruling allowing the sale of MightyRiverPower stoked optimism for new NZX listings.

The NZX 50 rose 37.40 points, or 0.9 percent, to 4276.31, the highest close since October 2007. Within the index, 31 stocks rose, 12 fell and seven were unchanged. Turnover was a higher-than-average $160 million.

The Supreme Court today dismissed attempts by Maori claimants to settle Treaty of Waitangi claims to freshwater rights before the sale of 49 percent of state-owned MightyRiverPower, clearing the way for the first of a series of floats that are set to give the share market a shot in the arm.

NZX rose 5.6 percent to $1.32 after the decision was released.

“That’s obviously got investors interested again in what it means for the market in terms of potential floatations,” said Shane Solly, portfolio manager at Mint Asset Management.

SkyCity Entertainment Group rose about 2 percent to $4.18, Trade Me gained 2.1 percent to $4.80 and Telecom climbed 2.2 percent to $2.37.

“They’re all good positive income producing companies,” Solly said. “We’re coming through the reporting season without any major explosions, which is a comforting thing for investors,” he said, referring to the market’s rally.

PGG Wrightson, the rural services company controlled by Singapore-based Agria, was unchanged at 41 cents after posting first-half profit by 55 percent on earnings growth, allowing it to declare a 2.2 cents a share interim dividend.

Guinness Peat Group fell 0.9 percent to 58 cents. The London-headquartered firm made a loss of 3 million pounds in the 12 months ended Dec. 31, compared to a profit of 1 million pounds a year earlier as it continues to wind down its investment portfolio.

Energy Mad, the energy efficient light-bulb marketer, fell 4.8 percent to 40 cents after projecting a loss of $1.1 million for the year to March 31, compared with a $4 million forecast profit in its 2011 prospectus and a revision just two months ago to expect a profit at the low end of a range between $100,000 and $2 million.

A2, the milk company that markets milk with a protein variant said to have health benefits, rose 3.9 percent to 54 cents after reporting that earnings before interest, tax, depreciation and amortisation jumped 54 percent to $3.5 million

TeamTalk fell 3 percent to $2.85 after cutting its annual earnings guidance, blaming the downgrade on the government-imposed levy to pay for servicing unprofitable customers in remote areas.

New Zealand Refining fell 5.6 percent to $2.55 after the nation’s only oil refinery operator said an uplift in refining margins through the end of last year probably won’t be sustained in 2013.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news