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

 


MARKET CLOSE: NZX 50 holds near record high; Fletcher up

MARKET CLOSE: NZX 50 holds near record high as MRP priced; Fletcher, Trade Me up

May 9 (BusinessDesk) – New Zealand’s benchmark NZX 50 Index was little changed near a record high as investors await the debut of MightyRiverPower and signs of a strengthening economy lifted stocks ranging from Fletcher Building to Trade me.

The NZX 50 slipped 0.9 points, or 0.02 percent, to 4639.33, having reached a record yesterday. Within the index, 22 stocks rose, 20 fell and eight were unchanged. Turnover was $161 million.

Local institutional investors say there’s room for MightyRiverPower to rise on its debut as offshore investors scaled back in the initial public offering seek to top up on a stock offering a cash yield above 5 percent.

Shares were helped by economic figures showing employment is growing in New Zealand while the dole queue is shrinking.

The employment data “fits with everything else we have been looking at in the economy,” said Craig Ebert, senior economist at the Bank of New Zealand. The economy “is progressing at a reasonable rate.”

Construction and building products group Fletcher, the largest company on the index, rose 0.5 percent to $8.47. Trade Me, the popular auction site, rose 1.2 percent to $5.06.

Pumpkin Patch, the children’s clothing chain, rose 2.7 percent to $1.15, leading gains among retailers. Kathmandu, which sells outdoor equipment and clothing, gained 1.4 percent to $2.92.

Heartland New Zealand, the most recent addition to the ranks of lenders, gained 2.6 percent to 79 cents. Infratil, which has a controlling stake in TrustPower, rose 1.7 percent to $2.45. TrustPower dipped 2.6 percent to $7.45 and Contact Energy was down 0.2 percent to $5.60.

NZX, which stands to benefit from the potential pipeline of state asset sales, rose 1.5 percent to $1.35. The government plans to give more detail of further assets sales in next week’s budget.

Metlifecare fell 4.1 percent to $3.48, leading declines among retirement village operators, which had soared this year. Summerset Group, which this week said it would list its stock on the ASX as well as the NZX, fell 2.9 percent to $3.06. Ryman Healthcare dropped 2.1 percent to $6.20.

Guinness Peat Group fell 3.6 percent to 54 cents and tapmaker Methven rose 2.5 percent to $1.23.

Rakon climbed 4.4 percent to 24 cents while Sky Network Television declined 1.1 percent to $5.56.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news