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

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news