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

 


MARKET CLOSE: NZ shares follow Asia lower, led by Xero

MARKET CLOSE: NZ shares follow Asia lower, led by Xero

By Suze Metherell

Jan. 27 (BusinessDesk) – New Zealand shares fell today, as Asian markets continued a downturn due to anxiety over global economic recovery. Xero led the day’s decliners, while Fletcher Building and Summerset Group were among those to fall.

The NZX 50 Index fell 19.899 points, or 0.4 percent to 4,853.799. Within the Index 22 shares fell, 13 rose and 15 were unchanged. Turnover was $60.3 million, with light trading due to public holidays in Auckland and Australia.

Markets across Asia fell after stocks in the US closed lower last Friday. New Zealand is the first market to open after the weekend and felt the sting of nervous investors during early trading with the NZX 50 falling as much as 1 percent before paring the decline.

Japan’s Nikkei 225 Index was down 2.1 percent in afternoon trading, while Hong Kong’s Hang Seng Index fell about 2.1 percent and South Korea’s KOSPI 200 Index was down 1.5 percent. The Australian market was closed today because of Australia Day.

“It’s not the complete carnage that some people might expect,” Andrew Bascand managing director at Harbour Asset Management said. “The markets have opened down, but there hasn’t been the fallout.”

Wellington-based accounting software company Xero led the day’s decliners, sliding 4.3 percent to $40. Fellow tech stocks, which have seen big gains this year, also dropped as investors took the opportunity to take profit. Security-software company Wynyard Group sank 6.7 percent to $2.65, and SLI Systems, makers of retail website search engines, fell 3.5 percent to $2.50.

“It’s most likely profit taking. These stocks had a lot of news at the start of the year,” Bascand said. “It’s been buying that’s been news driven.”

Retirement village operator Summerset fell 3.1 percent to $3.42. Auckland-based lines company Vector slid 2.7 percent to $2.51 and New Zealand’s biggest listed company, Fletcher Building, slipped 0.3 percent to $8.85.

Gold miner OceanaGold was the biggest gainer, rising 1.4 percent to $2.25. Gold has been a beneficiary of the risk-averse market.

Among the day’s gainers was national carrier Air New Zealand, up 1.2 percent to $1.74. Sky Network Television rose 1.2 percent to $5.89, Auckland International Airport, up 0.8 percent to $3.66, and makers of breathing masks and respirators Fisher & Paykel Healthcare advanced 0.7 percent to $4.07.

Telecom was unchanged at $2.365, as was Wellington-based infrastructure investor Infratil at $2.24.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news