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

 


MARKET CLOSE NZ shares rise as Xero cracks $5 bln value

MARKET CLOSE NZ shares rise as Xero cracks $5 bln value, Wynyard extends rally

Jan. 9 (BusinessDesk) – New Zealand shares rose, led by Xero on optimism more investors will focus on the cloud-based accounting firm’s growth potential. Wynyard Group, another high-growth tech company, surged to a new record.

The NZX 50 Index rose 35.070 points, or 0.7 percent, to 4814.874. Within the index, 21 stocks rose, 20 fell and nine were unchanged. Turnover was $95 million.

Xero, the top-performing stock on the NZX 50 last year, gained 7.4 percent to $39.25, pushing its market capitalisation above $5 billion. The stock is up 13 percent this year.

“We expect a huge year for Xero,” said James Schofield, a tech analyst at First NZ Capital. “We believe this global tech story will continue to gain awareness with global and especially US investors.”

Wynyard jumped 17 percent to $1.73 and has surged 28 percent so far this month, extending gains after saying 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.

A2 Corp, which markets milk with a health variant claimed to have health benefits, jumped 7.3 percent to 88 cents. Kathmandu, the outdoor clothing chain, rose 4.9 percent to $3.41.

Summerset Group, which yesterday posted 50 percent growth in fourth-quarter sales, rose 3.2 percent to $3.59. Retirement village rival Ryman Healthcare gained 1 percent to $7.93 and Metlifecare rose 0.7 percent to $4.29.

Fletcher Building, the biggest stock on the benchmark index, rose 2 percent to $8.61. Freightways, the courier and data management firm, rose 3 percent to $4.64. Port of Tauranga, New Zealand’s busiest export port, climbed 1.9 percent to $13.75.

Fonterra Shareholders’ Fund fell 1.7 percent to $5.76 after the world’s biggest dairy exporter said it will “vigorously defend” a claim by French food processor Danone over last year’s recall of whey protein concentrate. Negotiations for a commercial settlement failed and the French company is filing papers in the High Court in Auckland.

Sky Network Television, the nation’s biggest pay-TV company, fell 2.3 percent to $5.93. SkyCity Entertainment Group dropped 1.1 percent to $3.73.

Telecom was unchanged at $2.315. Meridian Energy declined about 1 percent to $1.015 and MightyRiverPower dropped 0.5 percent to $2.08. Contact Energy was 0.2 percent weaker at $5.17.

Among smaller caps, Sealegs Corp soared 28 percent to 17.9 cents.

(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