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


MARKET CLOSE: NZ shares rise; Ryman, PoT at record high

MARKET CLOSE: NZ shares rise; Ryman, Port of Tauranga end week at record high

April 12 (BusinessDesk) – New Zealand stocks rose, pushing the NZX 50 Index to a record, as retirement village operator Ryman Healthcare and Port of Tauranga charted new highs.

The NZX 50 rose 26.23 points, or 0.6 percent, to 4,435.76, the highest since the inception of the gross index in 2003. Within the index, 27 stocks rose, 16 fell and seven were unchanged. Turnover was $122 million.

Ryman, a perennial market darling because of its unbroken profit growth, gained 1.8 percent to $5.20 and has climbed 62 percent in the past 12 months.

“More and more people like the growth story Ryman is bringing,” said Grant Williamson, director at Hamilton Hindin Greene. “The darling of the market just continues to gain traction.”

Rival rest home company Summerset Group gained 0.7 percent to $2.74 and Metlifecare rose 1.6 percent to $3.22.

Port of Tauranga, the nation’s busiest export port, gained 2.1 percent to $14.50, a record close.

“You can see what happens when you have the right management,” Williamson said. As a major export port, the high kiwi dollar may loom as a threat to volumes though that’s offset by high commodity prices, he said.

Bathurst Resources tumbled 19 percent to 26 cents after Royal New Zealand Forest & Bird Society and West Coast Environmental Network made an appeal against the mining company’s consent for its Escarpment open-cut mine.

Fletcher Building, the biggest company on the benchmark index, rose 0.7 percent to $8.66. Fisher & Paykel Healthcare, which gets more than 50 percent of its sales in US dollars, rose 0.4 percent to $2.43.

Contact Energy, the biggest power company on the bourse, gained 2.5 percent to $5.81.

Williamson said interest in Contact has been heightened since offer documents for MightyRiverPower’s share sale were released, showing the listed company “compared quite favourably on multiples” with MRP.

Hallenstein Glasson Holdings, the clothing chain, fell 1.2 percent to $5.66. Warehouse Group, the biggest retailer on the NZX 50, rose 0.8 percent to $3.76.

Among manufacturers, Skellerup gained 4.4 percent to $1.43 and Nuplex Industries gained 0.3 percent to $3.25. Methven, the tapware maker, gained 2.6 percent to $1.20.

SkyCity Entertainment Group gained 2.2 percent to $4.26.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


International Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news