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

 


UPDATE: MARKET CLOSE NZ shares rise on OZ growth, record Dow

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

(Adds Snakk Media debut)

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.

Snakk Media, the latest brainchild of Hyperfactory co-founder Derek Handley, soared to a 29 cents close on the NZAX having listed on the small-cap index at 6.5 cents, in a compliance listing on the market, meaning no funds were raised. The company plans a share purchase plan in the second quarter.

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

 

Errors Found: Electricity Authority Dumps Transmission Pricing Modelling

The Electricity Authority is ditching the cost-benefit analysis at the heart of its controversial attempt to find a new way to divide up costs for the national grid after finding an expanding range of serious computational errors in the work by Australian consultancy Oakley Greenwood. More>>

ALSO:

New Record: Migrant Arrivals At 129,500 A Year

Annual net migration has been steadily increasing since 2012. "This was mainly due to the rising number of migrant arrivals to New Zealand," population statistics senior manager Peter Dolan said. "Fewer migrant departures also contributed to the increase in net migration." More>>

ALSO:

Launched: NASA's Super Pressure Balloon Takes Flight From NZ

NASA successfully launched its football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wanaka, New Zealand, at10:50 a.m. Tuesday, April 25 (6:50 p.m. April 24 in U.S. Eastern Time), on a mission designed to run 100 or more days floating at 110,000 feet (33.5 km) about the globe in the southern hemisphere's mid-latitude band. More>>

ALSO:

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news