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


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news