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

 

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