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

 


MARKET CLOSE: NZX 50 extends gain, Xero hits new high

MARKET CLOSE: NZX 50 extends gain, Xero hits new high on index addition

By Suze Metherell

March 6 (BusinessDesk) – The NZX 50 Index extended gains to a new record, led by Xero which reached a fresh high after being included on an Asia-Pacific index, and Air New Zealand which continued to rise on post-earnings optimism.

The benchmark index rose 41.701, or about 0.8 percent, to 5114.791. Within the index, 27 stocks rose, 13 fell and 10 were unchanged. Turnover was $170.6 million.

“The whole New Zealand market is going nuts at the moment,” said Greg Easton investment advisor at Craigs Investment Partners. Investors were drawn to the potential of growth and good economic indicators in the New Zealand market, as opposed to more risky emerging market options, he said.

Xero climbed 4.4 percent to $44.49, with an intraday high of$45.99. The Wellington-based accounting software stock was included on a FTSE Asia-Pacific, excluding Japan, mid-cap index.

Air New Zealand climbed 3.2 percent to $1.915, a six-year high. The national carrier lifted first-half earnings by controlling costs and said full-year profit would rise more than 17 percent.

Across the Tasman, government data showed stronger than expected growth in retail sales and trade. Among companies with exposure to the Australian economy, Fletcher Building rose 1.6 percent to $9.80, SkyCity Entertainment Group, operator of Darwin and Adelaide casinos, climbed 0.8 percent to $3.98 and A2 Corp gained 1.1 percent to 94 cents.

Auckland International Airport rose 0.5 percent to $3.87 and Telecom fell 1 percent to $2.465.

Warehouse Group was unchanged at $3.61 and is in a trading halt as New Zealand’s largest listed retailer seeks to raise $115 million to strengthen its capital base. It plans to sell $100 million of shares at $3.23 to institutional investors today, and will sell $15 million of shares to kiwi shareholders.

Fellow retailer Hallenstein Glasson was unchanged at $3.13 as was outdoor clothing chain Kathmandu Holdings at $3.40. Brisbane-based jeweller Michael Hill International was the day’s worst performer, falling 3 percent to $1.31.

Partially-privatised electricity company MightyRiverPower slipped 0.5 percent to $2.055, Meridian Energy gained 0.5 percent to $1.10 and Contact Energy rose 1.9 percent to $5.33. The Electricity Authority, the industry’s regulator, said it was “unacceptable” for energy retailers to blame other parts of the sector for price hikes and would be investigating the claims.

Lines company Vector rose 0.4 percent to $2.46.

Of the retirement village operators, Summerset Group Holdings rose 1.8 percent to $3.48, Metlifecare gained 1 percent to $4.16 and Ryman Healthcare rose 1.5 percent to $8.31.

Outside the benchmark index, retailer Briscoe Group was unchanged at $2.56. It posted a 10 percent gain in annual profits and said it was “cautiously optimistic” about the year ahead.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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