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

 


MARKET CLOSE: NZ shares rise joining global rally

MARKET CLOSE: NZ shares rise joining global rally

By Suze Metherell

Jan. 29 (BusinessDesk) – New Zealand shares rose today joining a global rally but the markets continue to be cautious as investors await earnings season.

The NZX 50 climbed 34.284 points or 0.7 percent to 4882.723. Within the Index 36 shares rose, eight fell and six were unchanged. Total turnover for the day was $108 million.

Across the region Asian markets snapped a four-day slump to rally, bringing New Zealand stocks with them. Australia’s S&P/ASX 200 was up 0.7 percent in afternoon trade. Japan’s Nikkei 225 Index rose 1.7 percent, and Hong Kong’s Hang Seng Index climbed about 1 percent.

Australian markets recovered after slipping 1 percent yesterday, as investors responded positively to results that were higher than expected. New Zealand’s earning season starts in February.

“Australia has certainly had a number of results open people’s eyes,” Rickey Ward, head of equities at Tyndall Investment Management, said. “Most people are rather cautious, especially buyers, there has been a strong rally in equities over the last couple of years, but we’re waiting to see if that’ll follow through in delivery.”

Leading the index higher was OceanaGold jumping 3.9 percent to $2.15. Insurance group Tower kept pace climbing 2.3 percent to $1.77. A2 Corp gained 2.2 percent to 93 cents, and Contact Energy rose 2 percent to $5.20. Xero gained 1.3 percent to $41.99.

The high kiwi dollar against its Australian counterpart has many companies warning of an impact on returns, said Ward. The kiwi traded at 93.95 Australian cents at 5.30pm in Wellington.

“But the companies that navigate their way through that high dollar because they have the right product or because they’re in an area of growth,” he said.

Fletcher Building, which has strong trans-Tasman interests, rose 1.5 percent to $8.90 .Skycity Entertainment Group, which has casinos in Darwin and Adelaide, rose 1.6 percent to $3.90. Brisbane based jewellery chain Michael Hill International rose 1.5 percent to $1.39.

Telecom also fell 1.5 percent to $2.36. National carrier Air New Zealand slipped 1.2 percent to $1.70, and Sky Network Television declined 0.7 percent to $5.78.

Auckland International Airport rose 1.6 percent to $3.71. Online auction website Trade Me Group was up 1.3 percent to $4.01.

Clothing chain Hallenstein Glasson, which has dropped 38 percent in the last 12 months, slipped 1.2 percent to $3.31. Outdoor clothing retailer Kathmandu Holdings was unchanged at 3.12 percent. New Zealand’s biggest listed retailer Warehouse Group rose 0.3 percent to $3.53.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news