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

 


MARKET CLOSE: NZX 50 hits record again

MARKET CLOSE: NZX 50 hits record again; Fletcher, Port of Tauranga advance

By Suze Metherell

March 4 (BusinessDesk) – New Zealand’s NZX 50 Index rose to a record for a second day as investors were drawn to a market with robust economic growth and corporate earnings on the other side of the planet from rising tensions in Ukraine. Fletcher Building and Port of Tauranga paced the gains.

The NZX 50 rose 25.857 points, or about 0.5 percent, to 5033.261. Within the index, 28 stocks rose, 16 fell and six were unchanged. Turnover was $103.8 million.

Fletcher, New Zealand’s largest listed company, rose 1.1 percent to $9.55, while Port of Tauranga, the busiest export port, rose 2.5 percent to $14.50. Figures yesterday showed the nation’s terms of trade rose to a 40-year high in the fourth quarter, while both companies lifted their dividend payments.

“We had terms of trade out yesterday which was strong and we’re just finishing reporting season so we’ve got good New Zealand companies that are showing their balance sheets are in good shape, all about to pay their dividends,” said Paul Valk, investment advisor at Craigs Investment Partners.

“Why would you bail out of good companies because of something that’s happening on the other side of the world, that’s not going to affect New Zealand,” Valk said of the standoff between Russia and Ukraine.

Auckland International Airport rose 0.8 percent to a record high of $3.78. Air New Zealand extended gains, rising 0.8 percent to $1.815, a six-year high, while Sky Network Television rose 2.6 percent to $6.35, a four-month high.

Outdoor clothing chain Kathmandu climbed 5.2 percent to $3.46, leading the day’s gainers

“They dipped from nearly a $4 high, but are now recovering,” Valk said. “People are seeing they’re producing a good product, robust profits and a company that’s presenting itself well with good management and good prospects.”

Chorus rose 1.3 percent to $1.54. The network operator is in negotiations with Crown Fibre Holdings over the pricing of New Zealand’s ultrafast broadband network and will be forced to cut prices on its copper network by the Commerce Commission.

“There’s certainly been a few research reports where companies have increased their rating, perhaps from underweight to a neutral stance, if not towards the buy side,” Valk said. “People can see it is still going to be needed and perhaps the government would assist if anything went wrong.”

Restaurant Brands New Zealand was the day’s worst performer, falling 4.4 percent to $2.80. Telecom fell 1 percent to $2.485. SkyCity Entertainment Group was unchanged at $3.93.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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