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

 

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news