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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news