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

 


MARKET CLOSE: NZ shares rise to new 5-yr high; Air NZ jumps

MARKET CLOSE: NZ shares rise to new 5-year high; Air NZ jumps

Feb. 28 (BusinessDesk) – New Zealand shares rose to a new five-year high as investors cheered Air New Zealand’s profit growth and Fletcher Building pushed back above $9.

The NZX 50 Index rose 43.68 points, or 1 percent, to 4320. Within the index, 25 stocks rose, 15 fell and 10 were unchanged. Turnover of $250 million included more than 10 million Trade Me shares.

Air NZ climbed 4.1 percent to $1.40, a level it last reached in February 2011. The airline, which is 73 percent state-owned, posted first-half profit that more than doubled after lifting passenger volumes and boosting yields on international routes, while keeping costs in check.

“They done a lot of restructuring over the years on their long haul,” said Grant Williamson, a director at Hamilton Hindin Greene. “They have turned things around very nicely. It was a great result, better than expected, and the share price has been rewarded.”

Fletcher, the biggest company on the NZX 50, rose 3.2 percent to $9.15 as equity markets across Asia rallied following gains on Wall Street. Helping local sentiment, a survey today showed business confidence has gained to a 19-month high.

“The markets are remaining in a bull trend,” Williamson said.

Units of the Fonterra Shareholders’ Fund fell 2.8 percent to $6.98 and shares of PGG Wrightson declined 2.4 percent to 40 as investors assessed the impact of drought on farming, especially dairy farming. The government yesterday declared drought in Northland and said other regions could follow.

Drought “could have a pretty big impact on milk production and manufacturing output,” Williamson said.

Tourism Holdings, which merged its campervan rental business with two rivals last year, fell 4.4 percent to 65 cents after cutting its annual earnings guidance on a deteriorating Australian market after posting a small first-half loss as expected.

Vector rose 1.1 percent to $2.90 after the Commerce Commission confirmed that the gas distribution network owner will have to cut its prices by 18 percent, and cut its wholesale gas transmission charges by 29.5 percent.

Trade Me, the auction website, rose 2.7 percent to $4.93. UBS AG and various of its funds today announced changes in their holdings of the stock.

Guinness Peat Group rose 2.6 percent to 60 cents after saying it will return cash to shareholders once it beds down the transformation into its Coats unit.

Michael Hill International, the jewellery chain, gained 4 percent to $1.30 and Telecom rose 2 percent to $2.42.

Turners & Growers rose 2 percent to $1.53 after posting a $15 million fill-year loss, reflecting asset writedowns.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news