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

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news