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

 


MARKET CLOSE: NZ shares join global selloff; Xero falls

MARKET CLOSE: NZ shares join global selloff; Xero, Chorus and SkyCity drop

By Suze Metherell

Jan. 3 (BusinessDesk) – New Zealand stocks fell today, joining a global sell-off as disappointing Chinese manufacturing data stoked concerns the global economic recovery may falter. Xero, Chorus and SkyCity Entertainment Group led the decline.

The NZX 50 Index fell 25.081 points, or 0.5 percent to 4849.502. Within the index, 23 stocks fell, 19 rose and eight were unchanged. Total turnover for the day was $77.9 million.

Across the region, the Lunar New Year saw the Chinese, Hong Kong and Taiwanese markets closed. Those markets that were open were spooked by Chinese figures showing jobs and export orders shrinking. Japan’s Nikkei 225 Index was down about 1.4 percent, Australia’s S&P/ASX 200 slipped about 0.2 percent and South Korea’s Kospi 200 Index slid about 1 percent.

“As strong as the New Zealand market has been we can’t shrug off the Asian markets, we can’t outperform them,” Bryon Burke, head of equities at Craigs Investment Partners said.

Wellington-based cloud accounting software company Xero led the index lower, down 4.8 percent to $39.51, its lowest in three weeks. Telecommunications network operator Chorus fell 2.9 percent to $1.36, while casino and hotel group SkyCity declined 1.8 percent to $3.80.

New Zealand’s biggest listed company Fletcher Building fell 1.3 percent to $8.96. Telecom was down 0.2 percent to $2.345 and Auckland International Airport dropped 0.5 percent to $3.63. Sky Network Television slipped 0.2 percent to $5.77.

NZX, the stock market operator, was the Index’s biggest gainer, lifting 1.6 percent to $1.28. The company announced US investors are now able to buy dairy futures directly, a signal of more growth in its dairy derivatives market.

Brisbane-based jeweller Michael Hill International rose 1.5 percent to $1.38 and partially-privatised energy company MightyRiverPower, up 1.5 percent to $1.985. Meridian Energy was up 0.5 percent to $1.01.

The market entered February slightly off the boil and on relatively thin volume, making more stable, higher yield stocks, such as the property sector look attractive to investors.

“To a certain degree property stocks have been under-performing a bit, people have focused on growth stocks,” Burke said. “In times when the market is coming off, the yield stocks are seen as a safer way to invest, growth stocks are volatile, sentimental driven stocks.”

Kiwi Income Property led the real estate rally, rising 1.4 percent to $1.12. Property for Industry gained 0.4 percent to $1.27, while Precinct Properties New Zealand also lifted 1 percent to 99.5 cents. DNZ Property Fund was up 0.7 percent to $1.53, joined by Argosy Property up 0.6 percent to 91.5 cents.

Outside of the benchmark index, growth stocks were also depressed. Security software makers Wynyard Group was down 4.3 percent to $2.68. Retail search engine firm SLI Systems slipped 3.7 percent to $2.59, while task-managing app company GeoOp declined 2.9 percent to $2.67.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news