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

 


MARKET CLOSE: NZ shares halt slide, as earnings loom

MARKET CLOSE: NZ shares halt slide, as earnings loom; OceanaGold, Diligent gain

Feb. 5 (BusinessDesk) – New Zealand shares rose today, as Asian markets lifted with positive earnings news and investors anticipated local earnings season to commence. OceanaGold, Diligent Board Members Services and Chorus all led the index higher.

The NZX 50 index gained 5.234 points, or 0.1 percent to 4807.943. Within the index 18 stocks rose, 23 declined and nine were unchanged. Total earnings for the day were $133.2 million.

Asian markets snapped a two-day decline, with major Japanese companies posting positive news. Toyota Motor Corp, the world’s biggest car manufacturer forecast a record profit, while consumer-electronics maker Panasonic’s third-quarter profits beat expectations. Japan’s Nikkei 225 index gained 0.1 percent in afternoon trade, while South Korea’s KOPSI 200 index rose 0.3 percent.

New Zealand earnings season gets into full swing next week, with Skycity Entertainment Group releasing earnings next Wednesday. Fletcher Building, Auckland International Airport and Telecom release their earnings the following week.

“We’ve got earnings season to come, that starts in earnest in the coming days, and is a nice little signal of where it’s going,” James Lindsay, portfolio manager at Tyndall Investment Management said. “Although I’m not sure whether retail investors pay much attention to it.”

Melbourne-based gold miner OceanaGold led the index higher, gaining 4.1 percent to $2.29. It was paced by governance software developer Diligent Board Member Services, up 3.9 percent to $4.50 and power company Contact Energy which rose 2.9 percent to $5.25.

Wellington-based accounting software developer Xero climbed 2.5 percent to $38.75. New Zealand’s biggest listed company Fletcher Building rose 0.2 percent to $8.98. Auckland International Airport was unchanged at $3.55.

Telecommunications network operator Chorus gained 2.2 percent to $1.38. Today credit rating agency, Standard & Poor’s said the company remains on a negative credit watch, but did not downgrade its BBB rating.

Telecom dropped 0.6 percent to $2.32. The biggest phone company is ending its decade-long bundling agreement with Sky Network Television this May, which may lead to rival telco Vodafone, which still sells Sky TV bundles, snatching some of its customers. Sky TV gained 0.2 percent to $5.75.

Investment company Guinness Peat Group, which is cash rich but tied up in an on-going stoush with the UK pension regulator, slid 0.8 percent to 66.5 cents.

Tyndall’s Lindsay said the significant volume going through is indicative of continuing offshore investors buying the company’s shares.

Trade Me Group, the online auction site, extended this week’s decline, down 1.7 percent to $3.96. Retailers followed suit, as the country’s biggest listed retailer Warehouse Group slid 0.9 percent to $3.50. Clothing chain Hallenstein Glasson slipped 0.3 percent to $3.09, as did outdoor goods retailer Kathmandu Holdings, down 0.3 percent to $3.13.

Meridian Energy, the government controlled energy company, was the day’s worst performer, down 2 percent to 99 cents. Fellow partially privatised electricity provider MightyRiverPower also declined 1 percent to $1.98.

(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