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

 


MARKET CLOSE: NZ shares mixed; Fletcher falls, Diligent up

MARKET CLOSE: NZ shares mixed; Fletcher falls, Diligent, Wynyard gain

Jan. 7 (BusinessDesk) – New Zealand shares fell, paced by Fletcher Building, while Diligent Board member Services and Wynyard Group led gains among companies favoured for their growth outlook.

The NZX 50 Index fell 5.693 points, or 0.1 percent, to 4759.625. Within the index, 21 stocks fell, 22 rose and seven were unchanged. Turnover was $76 million, the most since before the Christmas-New Year break, as traders and investors return from holiday.

Fletcher, the biggest company on the NXZX 50, dropped 2.8 percent to $8.45 and Telecom fell 1.3 percent to $2.31. Retailer Kathmandu led the slide, falling 3.3 percent to $3.20. Chorus was down 1.4 percent to $1.405 and Air New Zealand shed 2.4 percent to $1.605.

Wynyard Group rose about 12 percent to a record-high close of $1.33 after the intelligence software developer said United Arab Emirates money exchange GCC Exchange will use its anti-money laundering software to enhance its ability to detect, investigate, and report suspicious activity. The value of the contract, which follows four deals signs in November and December, wasn’t disclosed.

“The market certainly liked Wynyard’s contract, though we don’t know what it is worth,” said Grant Williamson, a director at Hamilton Hindin Greene. “Investors are viewing 2014 as a year of growth and are starting to chase growth stocks rather than income stocks. They want growth to outpace interest rates and inflation.”

Diligent climbed 8.4 percent to $4.78, Xero rose 2.7 percent to $34 and SLI Systems rose 4.6 percent to $1.83.

“Diligent was obviously oversold late last year,” Williamson said. “Investors are now starting to think the reinstatement of its financial accounts is not too far away and we can focus on the growth again.”

Summerset Group led gains among retirement village operators, rising2.7 percent to $3.44. Metlifecare gained 2.4 percent to $4.20 and Ryman Healthcare rose 0.6 percent to $7.87.

Transport group Mainfreight gained 2.3 percent to $12.25 while Freightways dropped 0.4 percent to $4.65.

Fisher & Paykel Healthcare fell 0.8 percent to $3.86 and Fonterra Shareholders’ Fund fell 0.7 percent to $5.86.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news