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

 

Media: Fairfax Moves To Create Modern Newsroom

Fairfax Media New Zealand continues its newsroom transformation this week, with a proposal to further organise its editorial operations into focused, local teams and specialist national topic areas. More>>

ALSO:

Dairy: Fonterra Forecast For 2015/16 Season

Fonterra Co-operative Group Limited has today reduced its forecast Farmgate Milk Price for the 2014/15 season to $4.40 per kgMS. Along with its previously announced forecast dividend range of 20-30 cents per share, the change amounts to a forecast ... More>>

ALSO:

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>


BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news