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

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news