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

 


MARKET CLOSE: NZ shares gain as Contact, Chorus advance

MARKET CLOSE: NZ shares gain as Contact, ‘regulated’ companies recover

April 22 (BusinessDesk) – New Zealand shares rose as companies in regulated markets, such as Contact Energy and Chorus, recovered from last week’s selloff and among small caps, Ecoya soared after beating its earnings guidance.

The NZX 50 Index rose 39.156 points, or 0.9 percent, to 4483.65, a record high close. Within the index, 35 stocks rose, 10 fell and five were unchanged. Turnover was $139 million.

Contact, the biggest power company on the exchange, rose 1.5 percent to $5.39. The shares dropped to the lowest in more than a month last week after the Labour and Greens parties unveiled plans to regulate the power market if they win power. Chorus, the telecommunications network operator, rose 3.4 percent to $2.73.

“We’ve seen a recovery in those asset classes,” said James Lee, head of institutional equities at First NZ Capital. Generally, “the market is still seeing an inflow both of retail and foreign institutions. As long as interest rates stay down here, the market will be supported.”

TrustPower edged up 0.3 percent to $x7.20 and Infratil, its 50.7 percent owner, gained 1.7 percent to $2.34.

The government today said it would amend the offer documents for the selldown of MightyRiverPower to reference the risks posed should the opposition parties win power and enact their plan.

Ecoya jumped 17 percent to 95 cents after the cosmetics and scented candle marketer said earnings before interest, tax, depreciation and amortisation was more than $1.1 million in the 12 months ended March 31, with sales rising 18 percent to $26.6 million. It sees more growth in 2014 with revenue forecast to beat $30 million and ebitda to exceed $2 million.

Fletcher Building, the biggest company on the NZX 50, rose 0.6 percent to $8.46. Telecom gained 1.6 percent to $2.57.

Warehouse Group, the biggest retailer on the bourse, gained 2.6 percent to $3.90. Jeweller Michael Hill International rose 2.1 percent to $1.46. Among other retailers, Kathmandu fell 0.4 percent to $2.38 and Hallenstein Glasson Holdings fell 1.1 percent to $5.62.

Restaurant Brands, the fast-food operator, fell 2 percent to $2.92.

OceanaGold, operator of the Macraes gold field, rose 7.6 percent to $2.42, leading gainers, as the price of spot gold rose from its recent lows.

Diligent Board Member Services, which sells software to assist company directors, gained 3.6 percent to $6.58, a record high close.

Nuplex Industries, the specialty chemicals maker, rose 3.6 percent to $$3.20 and Fisher & Paykel Healthcare gained 2.7 percent to $2.67.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news