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

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news