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

 

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news