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

 


MARKET CLOSE: NZ shares rise in global rally, led by Chorus

MARKET CLOSE: NZ shares rise in global rally, led by Chorus

By Suze Metherell

Feb. 7 (BusinessDesk) - New Zealand shares rose today, as the local market caught up after yesterday’s holiday, joining on a global wave of positive sentiment. Chorus led gainers.

The NZX 50 index gained 32.845 points, or 0.7 percent, to 4840.788. Within the index 28 stocks rose, 12 fell and 10 were unchanged. Total turnover for the day was $101.1 million.

Across the Tasman sentiment was good with Australia’s S&P/ASX 200 gaining 0.6 percent in afternoon trading. Japan’s Nikkei 225 index was up 1.7 percent and Hong Kong’s Hang Send lifted 0.9 percent.

“Oz had a positive day yesterday, and we were closed so we’re playing a bit of catch up,” said Mark Lister, head of private wealth research at Craigs Investment Partners. “The reason we are only up half a percent is because we didn’t fall so far, there is less bounce back.”

Chorus climbed 8 percent to $1.49 after a research note by JP Morgan speculated the telecommunications network operator will seek to raise $300 million from investors at a discounted price. Separately, the Commerce Commission outlined its proposed process to determine final pricing for services on Chorus’s regulated copper network.

“There was something in that release that was positive to somebody,” Lister said.

A2 Corp, which markets milk products with a protein variant claimed to have health benefits, rose 4.4 percent to a record 95 cents. It’s gained 86 percent in the past 52 weeks.

“It’s been trending up steadily over last 12-months, it’s generally a stock that’s in favour with investors,” Lister said. “There have been institutional investors which gives the market confidence in the story.”

Units in Fonterra Shareholders’ Fund, which carries the rights to dividends from the dairy company’s earnings, were unchanged at $6.18. Synalit Milk, the milk processor which joined the NZX in July, slipped 0.3 percent to $3.74.

Australian lender Westpac Banking Corp gained 4.3 percent to $34, Xero advanced 3.3 percent to $40.01, Auckland International Airport rose 3.1 percent to $3.66, and Sky Network Television was up 0.4 percent to $5.77. New Zealand’s biggest listed company Fletcher Building lifted 0.2 percent to $9, as did Telecom Corp also up 0.2 to $2.35. Casino operator Skycity Entertainment group was unchanged at $3.72.

Online Auction site Trade Me Group dropped 4 percent to an 18-month low $3.80 amid reports the website is in a spat with real estate agents over lifting the price of its property listings.

“Trade Me is going to have to spend more money on advertising,” Lister said. “In the long-term, Trade Me property will re-establish, but in the short term there is concern around its property business that’s weighing on the share price.”

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news