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

 


MARKET CLOSE: NZ shares extend rally; Xero at record

MARKET CLOSE: NZ shares extend rally; Xero at record, Metlifecare at 5-month high

Oct. 22 (BusinessDesk) – New Zealand shares extended their rally, pushing the NZX 50 Index to an all-time high, as newly capitalised Xero closed at a new record and Metlifecare gained to the highest in five months after its biggest shareholder confirmed the sale of its stake.

The NZX 50 rose 29.232 points, or 0.6 percent, to 4831.789. Within the index, 20 stocks rose, 18 fell and 12 were unchanged. Turnover was $141 million.

Xero, the cloud-based accounting company whose US shareholders are bankrolling its assault on the US market, climbed 6.8 percent to $28.30. That gives the company, which is yet to make a profit, a market value of $3.61 billion.

Metlifecare rose 2.8 percent to $3.70, the highest since May 7. Australia’s Retirement Villages Group, the biggest shareholder, said this week it has hired Goldman Sachs to sell its 37.7 percent stake in the company. Rival operator Ryman Healthcare rose 1.9 percent to a record $7.41.

That stake “will certainly have some impact if it hits the market,” said James Lee, head of institutional equities at First NZ Capital. “That will remove all that overhang.”

PGG Wrightson, the rural services company controlled by Agria Corp, was unchanged at 39 cents after naming the Chinese company’s founder Alan Lai as its new chairman, replacing John Anderson, and forecasting a lift in full-year operating earnings

Kathmandu, the outdoor equipment retailer, rose 2.2 percent to $3.67.

Fletcher Building gained 1.4 percent to $9.64 after the Ministry of Business, Innovation and Employment announced plans for an ‘all of government’ procurement of building materials to take the sting out of an annual $3.3 billion spend in the next five to eight years. The government expects to ramp up its construction spending over that period because of the Canterbury rebuild and to deal with outstanding leaky-homes work.

Telecom Corp fell 0.2 percent to $2.275 after the telecommunications company confirmed it’s looking at selling its under-performing AAPT unit in Australia, though didn’t respond to speculation it may also exit its 10 percent stake in Hutchison Telecommunications Australia.

Vector was unchanged at $2.61 after chairman Michael Stiassny told shareholders at today’s annual meeting that it was looking at opportunities in Australia as opposed to acquisitions in New Zealand because local tax laws favoured foreign investment.

Dual-listed APN News & Media gained 6.5 percent to 49 cents on the NZX after it agreed to sell its remaining 48 percent stake in APN Outdoors for A$69 million, a premium to the A$51.6 million carrying value attributed to the investment in its first-half report.

Pacific Edge soared 47 percent to a record $1.06 after it signed its second deal in as many weeks with a US healthcare network provider, giving it access to 44 million people in the world’s biggest economy.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

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:

Get More From Scoop

 
 
Standards New Zealand

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