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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news