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

 


MARKET CLOSE: NZ shares gain on upbeat Australian figures

MARKET CLOSE: NZ shares gain on upbeat Australian figures; Fletcher, Ebos rise

By Suze Metherell

Feb. 11 (BusinessDesk) – New Zealand stocks rose as earnings growth from Australia & New Zealand Banking Group and signs of an improving Australian economy lifted sentiment on companies doing business across the Tasman, such as Fletcher Building and Ebos Group.

The NZX 50 Index gained 15.825 points, 0.3 percent to 4848.883. Within the index, 23 stocks rose, 22 fell, five unchanged. Turnover was $105.2 million.

The nation’s biggest bank ANZ jumped 3 percent to $33.22. Positive sentiment in Australia grew as the bank posted a 13 percent gain in first-quarter cash profit, putting it on track to extend five years of record profits, while National Australia Bank’s business confidence survey rose in January for the first time in four months. Westpac Banking Group gained 0.6 percent to $34.30 on the NZX.

“They’re all still talking a bad game across the ditch but it doesn’t seem to be happening,” Greg Easton an adviser at Craigs Investment Partners said. “The way they’re talking you’d expect they’re about to have a long-term recession, but Australia’s economy is growing by 2 percent.”

New Zealand’s largest listed company, Fletcher Building, gained 1.9 percent to $9.15 after figures showed Australia’s residential property prices gained 9.3 percent in 2013. Healthcare and animal care maker Ebos rose 0.5 percent to $9.70. Last year the company significantly expanded its interest across the Tasman acquiring Australian pharmaceuticals firm Symbion for $1.1 billion.

Melbourne-based miner OceanaGold led the market higher, soaring 9 percent to $2.67. The spot gold price rose to a near three-month high of US$1,287.01 an ounce. New Talisman Gold Mines rose 18 percent to 1.3 cents.

SkyCity Entertainment Group fell 1.6 percent to $3.60, its lowest price this year. The casino operator reports its earnings tomorrow, after warning its profit has been hurt by the high kiwi against the Australian dollar.

Auckland International Airport slipped 0.8 percent to $3.66. Air New Zealand fell 0.3 percent to $1.70, while Sky Network Television was unchanged at $5.74. Telecom gained 0.6 percent to $2.39 and online auction website Trade Me Group gained 0.8 percent to $3.79. Wellington-based cloud accounting software company Xero rose 1.3 percent to $40.

New Zealand’s largest listed retailer Warehouse Group slipped 0.6 percent to $3.43 and clothing chain Hallenstein Glasson Holdings fell 1.7 percent to $2.85. Outdoor apparel maker Kathmandu Holdings slid 0.6 percent to $3.09.

Outside of the NZX 50 children’s wear retailer Pumpkin Patch sunk 10 percent to 60 cents. Yesterday Paymark, which processes 75 percent of New Zealand’s electronic transactions, said clothing and apparel was lagging behind the rest of the retail sector.

Kirkcaldie & Stains, the upscale department store, jumped about 15 percent to $2.29 a day after announcing it has put its CBD office tower up for sale.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

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:

Get More From Scoop

 
 
Standards New Zealand

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