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

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: