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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news