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

 


MARKET CLOSE: NZ shares rise as SkyCity meets guidance

MARKET CLOSE: NZ shares rise as SkyCity meets guidance, Fletcher, Hallenstein gain

By Suze Metherell

Feb. 12 (BusinessDesk) – New Zealand stocks rose as SkyCity Entertainment Group met guidance with first-half earnings hurt by a strong kiwi dollar. Hallenstein Glasson Holdings and Fletcher Building led the advance.

The NZX 50 Index gained 21.089 points, or 0.4 percent to 4869.972. Within the index, 23 stocks rose, 20 fell and seven were unchanged. Turnover was $110.9 million.

SkyCity rose 1.4 percent to $3.65. The Auckland-based company reported a net profit $66.4 million, in line with guidance of $65 million to $68 million but down about 8 percent from a year earlier. With casinos in Adelaide and Darwin it said the high kiwi dollar and soft consumer spending on both sides of the Tasman had impacted on profits.

“SkyCity got a fairly good shellacking because of its guidance, but it wasn’t as bad today as people thought it would be,” said David Price, a broker at Forsyth Barr. “What SkyCity alluded to today, which will be a theme throughout reporting season, was the strength of the kiwi against the Aussie dollar.”

New Zealand’s biggest listed company Fletcher rose 2.8 percent to $9.41, near a three-month high. The company counts Australia as its second-largest market and is due to report from Sydney next Thursday. The risk of the high kiwi impacting its returns remains, said Price.

Scott Technology, the industrial automation firm, shed 3.9 percent to $1.75 after it warned a global mining slowdown as well as a high kiwi was squeezing its margins in the short term.

Clothing chain Hallenstein led the index higher today, up 4.9 percent to $2.99. Kathmandu Holdings rose 1.9 percent to $3.15. Warehouse Group slipped 0.6 percent to $3.41.

Lines company Vector slipped 1.3 percent to $2.28. The Commerce Commission plans to review it calculates cost of capital for gas and electricity lines cost their capital after a court ruling last year, Hive News reported. Government-controlled electricity provider MightyRiverPower gained 1.3 percent to $1.99, while Contact Energy was unchanged at $5.20. Meridian Energy gained 0.5 percent to $1.02.

Auckland International Airport fell 0.6 percent to $3.64. Shareholders voted for a return of capital in Auckland today.

Cloud-based accounting software company Xero fell 0.3 percent to $39.90. The Wellington-based firm announced former Microsoft chief financial officer Chris Liddell as new chairman and ex-PayPal executive Peter Karpas to lead its North American unit.

Chorus, contracted to build the nation’s ultra-fast broadband network, fell 1.6 percent to $1.495. The company revised its broadband connection numbers due to a miscount, showing growth of only 1 percent in connections, rather than the earlier reported 2 percent.

Telecom was unchanged at $2.39, while Air New Zealand fell 0.3 percent to $1.695. Sky Network Television rose 0.2 percent to $5.75. Online auction site Trade Me Group climbed 1.9 percent to $3.86.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news