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

 


MARKET CLOSE: NZ shares rise, Hallenstein leads retailers up

MARKET CLOSE: NZ shares rise, Hallenstein leads gains among retailers, earnings awaited

Feb. 17 (BusinessDesk) – New Zealand stocks rose, paced by Hallenstein Glasson Holdings as retail figures showed there was some growth in the sector and as investors focus on earnings season, which peaks this week.

The NZX 50 Index rose 6.588 points, or 0.1 percent, to 4894.988. Within the index, 25 stocks rose, 13 fell and 12 were unchanged. Turnover was a lower-than-average $69.1 million ahead of a public holiday in the US on Monday.

Clothing chain Hallenstein jumped 6.8 percent to $2.83, having tumbled 21 percent so far this year. Government figures showed retail sales rose 1.2 percent in the final quarter of 2013, less than expected, however clothing stores showed growth.

“No doubt those retail figures will help,” said Greg Easton adviser at Craigs Investment Partners. “Hallensteins has been beaten up really badly, so there is probably some bottom feeding.”

New Zealand’s largest listed retailer Warehouse Group rose 0.3 percent to $3.39. Online auction website Trade Me Group gained 1 percent to $3.15 while Restaurant Brands climbed 2.2 percent to $2.80. Outdoor-clothing retailer Kathmandu Holdings rose 1 percent to $3.15.

“Kathmandu has been performing very well and also possibly some encouraging news is that we saw Milford increase its stake in Kathmandu, so that’s given the market a little more confidence,” Easton said.

On Feb. 5, Milford Asset Management disclosed it had lifted its stake in Kathmandu to 7.6 percent from 6.4 percent.

The pressure was on for companies to now deliver on their high stock prices, and investors were closely reading guidance given with earnings, said Easton. “Overall there seems to be more confidence in outlooks in particular because that’s been absent in the last couple of years or so.”

Property For Industry rose 1.2 percent to $1.285. New Zealand’s only listed industrial property landlord reported a 50 percent boost in annual profit after a merger increased the size of its portfolio by two thirds.

“Good to see a positive result from Property For Industry, mostly on the back of a lower tax bill and the merger with Direct Property half way through last year,” said Easton.

Fletcher Building gained 0.6 percent to $9.54. New Zealand’s largest listed company announced it is selling off Pacific Steel to Australia’s largest steelmaker, BlueScope Steel.

Chorus was unchanged at $1.445. The telecommunications network operator has put up an alternative proposal to the Commerce Commission on how its physical copper lines should be priced in a bid to fast-track the process.

“So many people just can’t be bothered with it anymore, they just don’t want to be near anything that has that sort of threat of regulation,” Easton said.

Telecom fell 1.6 percent to $2.42. Auckland International Airport was unchanged at $3.58, as was Air New Zealand at $1.695. Cloud-based accounting software company Xero slid 0.4 percent to $40. Sky Network Television declined 0.5 percent to $5.75.

SkyCity Entertainment Group, which reported earnings last week, rose 0.8 percent to $3.76.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news