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


MARKET CLOSE: NZX 50 at record close; A2, Diligent rise

MARKET CLOSE: NZX 50 at record close; A2, Diligent, Xero up on growth stories

April 24 (BusinessDesk) – New Zealand’s benchmark NZX 50 Index rose to a record close, as investors were lured to growth stories such as A2 Corp, Diligent Board Member Services and Xero. Warehouse Group rose to a 2 ½-year high after selling a shopping centre at a profit.

The NZX 50 rose 22.48 points, or 0.5 percent, to 4538.98. Within the index, 26 stocks rose, 16 fell and eight were unchanged. Turnover was $214 million.

A2 Corp, the alternative milk marketer that joined the NZX 50 on March 18, rose 6.8 percent to 63 cents, leading the market higher. The company this week launched its Platinum infant formula brand which is targeting the Chinese market.

Diligent, whose software helps directors manage corporate governance information flows, rose 3.5 percent to a record close of $7.12. This month it posted an 84 percent jump in first-quarter sales. Xero, the cloud-based accounting company, rose 5.3 percent to $13, also a record close. Earlier this month it announced a doubling in annual sales.

James Lindsay, equities manager at Tyndall Investment Management, said new investors in the stock market have been heartened by the strong performance of recent arrivals to the market including the Fonterra Shareholders’ Fund.

“The optimism is out there,” Lindsay said. The New Zealand market has “companies with reasonable balance sheets, good growth stories and sustainable yields.”

Warehouse rose 2.6 percent to $3.98, the highest close since November 2010, after announcing the $78 million sale of Auckland’s Silverdale Centre to DNZ Property Fund for a pretax gain of between $14 million and $15 million. DNZ slipped 0.8 percent to $1.78.

Air New Zealand, the state-owned airline, rose 5.6 percent to $1.52 after saying annual earnings will more than double this year.

Fonterra Shareholders’ Fund rose 1.7 percent to $7.22 after the dairy giant announced a management shakeup at its key Asia Pacific/Middle East/Africa (APMEA) unit.

Sky Network Television, the nation’s pay-TV operator, rose 1.9 percent to $5.46. Freightways gained 2.7 percent to $4.59.

Fletcher Building, the biggest company on the NZX 50, rose 0.6 percent to $8.71 and Telecom fell 1.5 percent to $2.61.

Ryman Healthcare rose 0.7 percent to $5.68, edging back toward the record close of $5.71 reached last week. Rival retirement village operator Summerset Group fell 0.7 percent to $2.97.

Fisher & Paykel Healthcare, which gets more than 50 percent of its sales in US dollars, fell 0.8 percent to $2.64 after the kiwi dollar gained in the wake of the Reserve Bank’s interest rate review, which didn’t include a strident attack on the strength of the currency that some traders had expected.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news