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

 

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