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

 


MARKET CLOSE: NZX 50 at record as Air NZ rival quits route

MARKET CLOSE: NZX 50 at new record as Air NZ rival quits key route; F&P Healthcare rises

By Suze Metherell

March 20 (BusinessDesk) – The NZX 50 Index closed at a new record, after a late afternoon rally. Air New Zealand gained after rival Jetstar quit a key route to Singapore and Fisher & Paykel Healthcare rose as the kiwi dollar fell, lifting the value of US sales.

The NZX 50 rose 5.675 points, or 0.1 percent, to 5160.39. Within the index, 24 stocks rose, 18 fell and eight were unchanged. Turnover was $147.5 million.

Air New Zealand rose 1.6 percent to $1.895. Jetstar, the discount unit of Australian airline Qantas Airways, said it will drop its Auckland-Singapore route. Jetstar’s decision comes as Air New Zealand waits for regulatory approval for a code sharing deal with Singapore Airlines which will see New Zealand’s national carrier return to Singapore daily for the first time since 2006. Auckland International Airport dropped 0.5 percent to $3.88.

“It’s disappointing news, not just for the airport, but for the country as well,” said Grant Williamson, a director at Hamilton Hindin Greene. “Though on the other side of the coin, for Air New Zealand it’s less competition. So negative for one, positive for the other.”

F&P Healthcare, the breathing apparatus manufacturer, climbed 1.2 percent to $4.20 as the kiwi fell against both the US dollar and the euro. The American and European markets made up two-thirds of F&P Healthcare’s annual sales last year.

Stocks didn’t react much to government figures showing the New Zealand economy grew 0.9 percent in the fourth quarter, meeting forecasts, while comments from the US Federal Reserve, raising the prospect of sharper interest rate increases in the world’s biggest economy next year, weighed broadly on equity markets in the Asia Pacific region.

“Expectations are pretty high now in the local market - I think it is going to take a lot for economic data to actually surprise the market on the upside,” Williamson said. “We will expect the occasional hiccup in these markets as the Fed comes out with more detail on exactly what they’re going to do.”

A2 Corp, whose milk has a protein variant with supposed health benefits, led the index higher climbing 3.2 percent to 96 cents.

Telecom, New Zealand’s largest telecommunications provider, fell 1.2 percent to $2.39. Fletcher Building, the largest company on the NZX, dropped 1.5 percent to $9.59 and Xero, the cloud-based accounting software firm, rose 0.1 percent to $44.50.

Brisbane-based jeweller Michael Hill International dropped 2.9 percent to $1.366. Warehouse Group, New Zealand’s biggest listed retailer, fell 1.8 percent to $3.20.

Outdoor goods chain Kathmandu Holdings gained 0.3 percent to $3.39. Trade Me Group, the online auction site, rose 2.6 percent to $3.93.

OceanaGold was the day’s worst performer dropping 3.3 percent to $2.90.

Government controlled energy company MightyRiverPower rose 0.5 percent to $2.11, while fellow partially privatised electricity provider Meridian Energy was unchanged at $1.11. Contact Energy gained 0.2 percent to $5.37.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news