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

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news