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

 


MARKET CLOSE: NZ Shares rise, led by OceanaGold, FPH

MARKET CLOSE: NZ Shares rise, led by OceanaGold, F&P Healthcare; Energy Mad soars

By Suze Metherell

Jan. 22 (BusinessDesk) - New Zealand shares rose for a second day to a two-month high, led by OceanaGold, which exceeded its gold production forecasts, and paced by Fisher & Paykel Healthcare as it reached seven-year highs.

The NZX50 advanced 28.668 points or about 0.6 percent to 4950.339. Within the index 26 stock rose, 15 fell and nine were unchanged. Turnover was $107.9 million.

Melbourne-based mining group OceanaGold led the index higher, with the shares up 7.7 percent to $2.11 after it said it beat its gold production forecasts for 2013.

“When there is any announcement out of a gold company about production rates you do get a knee jerk reaction from the market,” said Mark Warminger, portfolio manager at Milford Asset Management. “That will settle down in the following days and months. Ultimately it depends on the price of gold.”

F&P Healthcare shares rose 3.9 percent to $4.12, the highest the respiratory and sleep apnoea mask makers have been in nearly seven years. Retirement village operators Ryman Healthcare, Summerset Group and Metlifecare joined the health sector rally. Ryman was up 0.3 percent to $8.17, Summerset also lifted 0.3 percent to $3.65 and Metlifecare gained 0.2 percent to $4.25

“Healthcare is a safe place to be, in case of any little hiccup in the market, health is seen as safe stock,” Warminger said.

Stocks with Australian interests rose as the kiwi dollar weakened against the Australian dollar. Skycity Entertainment Group, which has casinos in Darwin and Adelaide, advanced 1.8 percent to $3.89. New Zealand’s biggest listed company, Fletcher Building, rose 1.1 percent to $9.16, while outdoor clothing retailer Kathmandu was up 3 percent to $3.45.

“We had inflation data out of Australia, which was higher than expected. That’s given wind in the sails to companies with trans-Tasman exposure, such as SkyCity Entertainment, Fletcher and Kathmandu,” Warminger said The weaker kiwi was also bringing increased international interest to the NZX, he said.

Telecom shares rose 0.4 percent to $5.80 after it won the final lot of 4G radio spectrum in the government’s auction, and Auckland International Airport was unchanged at $3.67 after China Southern Airlines said it will keep its 10 weekly flights on the Guangzhou to Auckland route until the end of October.

Shares in energy efficient light bulb maker and marketer Energy Mad doubled to an intraday two-year high price of 68 cents, after it said its cost saving bulbs will be sold in the US market through online retailer Amazon. The stock closed at 60 cents, up 76 percent.

Trade Me Group led the decliners, dropping 1.7 percent to $4.13.Diligent Board Member Services fell 1.5 percent to $4.68, and New Zealand Oil and Gas slipped 1.3 percent to 79 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news