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

 


MARKET CLOSE: NZ shares gain as pockets of value seen

MARKET CLOSE: NZ shares gain as pockets of value seen; Michael Hill, Contact rise

June 17 (BusinessDesk) – New Zealand shares rose for second day after the NZX 50 Index’s slide from its mid-May record high gave investors confidence there were ‘pockets of value’ emerging in a relatively expensive market. Michael Hill International and Contact Energy gained.

The NZX 50 rose 26.656 points, or 0.6 percent, to 4447.637. Within the index, 32 stocks rose, 13 fell and five were unchanged. Turnover was a lower-than-average $81 million.

Jewellery chain Michael Hill gained 3.9 percent to $1.33 after figures showed consumer confidence was at a three-year high this month, buoyed by an improving economy, low interest rates, and rising house prices. Clothing chain Hallenstein Glasson rose 0.2 percent to $4.98 and online auction site Trade Me increased 0.6 percent to $4.73.

Contact, the biggest utility on the NZXZ 50, gained 3 percent to $5.10. New Zealand Oil & Gas rose 3.6 percent to 86 cents and insurer Tower climbed 3.1 percent to $1.99.

“We had been struggling mightily to find any value whatsoever – now we’re starting to see the odd pocket of value,” said Matthew Goodson, managing director at Salt Funds Management.

Last year stocks were “as cheap relative to bonds as they had ever been,” he said. “Now the market is somewhat more expensive than average with bond yields 50 basis points off their lows.”

Ebos Group gained 1.4 percent to $9.70, Chorus was up 1.6 percent to $2.60 and Freightways climbed 1.6 percent to $4.50.

Units in the Fonterra Shareholders’ Fund fell 0.3 percent to $7.21 after Fonterra Cooperative Group announced plans to spend $30 million upgrading its dry storage in Taranaki. The dairy exporter wants to clamp down on freight costs as it looks to lift storage near processing facilities within easy access to ports.

Cavalier Corp fell 2.3 percent to $1.67 after founder and shareholder Tony Timpson died, aged 80. Timpson built up the carpet maker in 1972 with Grant Biel, only retiring from the board of Cavalier in 2009.


Pay-TV operator Sky Network Television, which has a free-to-air channel, rose 1.2 percent to $5.70 after free-to-air broadcaster MediaWorks NZ was put into receivership, as part of a restructuring plan which will see its lenders take control.

Fletcher Building gained 1.2 percent to $8.28 and Telecom rose 1.1 percent to $2.245. Infratil rose 1.4 percent to $2.23.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news