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

 

Scoop Business: NZ Wool Exports Jump To The Highest In More Than A Decade

New Zealand wool exports jumped to their highest level in more than a decade in June, aided by a lower currency and strong demand from China, the nation’s largest market. More>>

ALSO:

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

ALSO:

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news