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


MARKET CLOSE NZ shares mixed as local earnings loom

MARKET CLOSE NZ shares mixed as local earnings loom

By Suze Metherell

Jan. 28 (BusinessDesk) – New Zealand shares were mixed today as investors cast forward to next month’s earnings season, and as regional markets mulled this week’s Federal Reserve meeting. Xero led gainers.

The NZX 50 Index fell, 5.360 points, or 0.1 percent to 4848.439. Within the Index 32 stocks fell, 13 rose and five were unchanged. Total turnover for the day was $86.7 million.

Markets across Asia were mixed as investors weighed up the possibility of the Fed further reducing its asset purchase programme and as Australia returned from a long weekend. Australia’s S&P/ASX 200 slid 1 percent in afternoon trading, while Japan’s Nikkei 225 Index rose 0.3 percent, and Hong Kong’s Hang Seng Index gained 0.2 percent.

Light trading in the New Zealand market reflected the global uncertainty ahead of central bank meetings locally and in the US this week, and as investors wait for corporate earnings season to start in February.

“The market is on hold for earning season,” David Price a broker at Forsyth Barr said. “It’s thin volume because of earning season coming up, Reserve Bank, what’s happening in the US with tapering. Markets offshore have been fairly jittery, but New Zealand should be fairly insulated against that.”

NZX 50’s biggest gainer today was Wellington-based cloud accounting software company Xero. It shares rose 3.6 percent to $41.45. Outside the Index other tech stocks also returned to growth. NZAX-listed GeoOp climbed 15 percent to $2.30, while security software maker Wynyard Group advanced 6.8 percent to $2.83.

Telecom gained 1.3 percent to $2.395. Contact Energy increased 1 percent to $5.10 and retirement village operator Ryman Healthcare rose 1 percent to $8.05.

OceanaGold was the biggest decliner, dropping 7.1 percent to $2.09. Sky Network Television fell 1.2 percent to $5.82. Fletcher Building, New Zealand’s biggest listed company, dropped 1 percent to $8.77. Auckland International Airport slipped 0.3 percent to $3.65.

Respiratory ventilator maker Fisher & Paykel Healthcare slid 0.3 percent to $4.06, and casino operator Skycity Entertainment Group fell the same amount to $3.84.

Retailers were largely down with Brisbane based jewellery chain Michael Hill International declining 4.9 percent to $1.37. Outdoor clothing retailer Kathmandu Holdings slid 1 percent to $3.12 and New Zealand’s largest listed retailer Warehouse Group slipped 0.6 percent to $3.52. Apparel chain Hallenstein Glasson rose 0.3 percent to $3.31


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news