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

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news