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


MARKET CLOSE: NZ shares rise on first trading day of 2014

MARKET CLOSE: NZ shares rise on first trading day of 2014, paced by Telecom, Fonterra

Jan. 3 (BusinessDesk) – New Zealand shares rose on the first trading day of 2014, a year brokers are tipping as the third of annual gains, paced by Telecom and Fonterra Shareholders’ Fund. Holiday trading volumes were light.

The NZX 50 Index climbed 32.028 points, or 0.7 percent, to 4769.038. Within the index, 24 stocks rose, 15 fell and 11 were unchanged. Turnover was $28 million, less than a third of the daily average last year.

OceanaGold climbed 11 percent to $1.90 after brokerage Craigs Investment Partners was reported as saying the miner’s copper interests in the Philippines was providing a buffer to volatile gold prices as it squeezed costs out of its New Zealand mines.

"Their operating cash costs show Oceana has been one of the best operators in the southern hemisphere," Craigs broker Peter McIntyre told the NZ Herald. “For Oceana, it's all about extending the mine life of the assets they have, and they have been nimble at that."

Diligent Board Members Services, punished last year because of accounting missteps, rose 5.5 percent to $4.01. Auckland International Airport, New Zealand’s busiest gateway, rose 2.6 percent to $3.62.

Telecom, the biggest phone company on the NZX 50, rose 2.4 percent to $2.36.

Fonterra, whose units entitle investors to the dividends on its ordinary shares, rose 1.7 percent to $5.90.

Tower gained 0.6 percent to $1.76. The general insurer, which sold the majority of its life insurance business to Fidelity Life Assurance in May, said today it had decided to retain its remaining life assets after ending talks with potential buyers. The company is returning $70 million via a buyback that ends this month.

Retailers were mostly weaker despite early reports of busy post-Christmas sales. Outdoor clothing chain Kathmandu fell 3 percent to $3.40. Hallenstein Glasson Holdings, the clothing retailer, fell 0.5 percent to $3.85 while Warehouse Group edged up 0.3 percent to $3.75. Trade Me, the auction website, slipped 0.3 percent to $4.05.

Ebos Group declined 1.6 percent to $9.55 and SkyCity Entertainment Group gained 1.9 percent to $3.80. Fisher & Paykel Healthcare fell 0.8 percent to $3.82.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>


Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>


Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>


Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>


Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>


Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>


Get More From Scoop

Computer Power Plus
Search Scoop  
Powered by Vodafone
NZ independent news