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

 

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news