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

 

MARKET CLOSE: NZ shares up on Oz growth, record Dow, Sky TV

MARKET CLOSE: NZ shares rise on Australian growth, record Dow, Sky TV

March 6 (BusinessDesk) – New Zealand shares rose, led by Air New Zealand and Kathmandu, after the Dow Jones Industrial Average hit a record high, better economic growth in Australia and as the local market digests New Corp’s Sky Network Television stake.

The NZX 50 Index rose 28.81 points, or 0.7 percent, to 4297.97. Within the index, 30 stocks rose, 16 fell and four were unchanged. Turnover was $215 million, with about 30 percent of that made up of Sky TV shares.

Sky TV rose 1 percent to $5.07 even after shedding its 12 cents interim dividend. News Corp sold its 44 percent stake to institutions at $4.80 a share in an underwritten sale and New Zealand stocks initially sold off on news of the sale as investors freed up funds to buy the pay-TV company.

“The market is bouncing back after a bit of a sell-off to fund the Sky TV placement,” said Grant Williamson, a director at Hamilton Hindin Greene. “It has been a very successful placement.”

Shares gained after the Dow Jones rose to a record close of 14253.77 in New York. They also got a lift from a rally in Australian stocks to a 4 ½-year high as figures showed Australia’s economy grew 0.6 percent in the fourth quarter, beating estimates.

That’s had a flow-over to our market today,” Williamson said.

Air New Zealand, the national airline, gained 3.6 percent to $1.45. Outdoor equipment retailer Kathmandu climbed 3.4 percent to $2.47 and clothing chain Hallenstein Glasson Holdings rose 2.6 percent to $5.60.

Among stocks going ex-dividend today, Contact Energy fell 1.9 percent to $5.25 after shedding its 11 cent interim payment. NZX rose 1.6 percent to $1.29, ex its 1.25 cent final dividend and having reported that the value of cash trading jumped 58% in February from a year earlier.

Fletcher Building rose 0.1 percent to $9.18 after government figures showed building work grew for a fifth quarter in the final three months of 2012.

Port of Tauranga fell 0.5 percent to $13.61 after shedding its interim dividend of 20 cents.

PGG Wrightson, the nation’s biggest rural services company, rose 2.6 percent to 40 cents after the price of milk powder surged in the latest GlobalDairyTrade auction.

Cloud-based accounting firm Xero rose 1.8 percent to $8.14 and Infratil rose 1.7 percent to $2.40.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: