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

 

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:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

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