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

 


MARKET CLOSE: NZ shares fall as China, Crimea weigh

MARKET CLOSE: NZ shares fall as Chinese manufacturing, Crimea weigh on investors

By Suze Metherell

March 24 (BusinessDesk) – New Zealand shares fall as ongoing geo-political tensions in Europe keep global investors nervous and as weak Chinese manufacturing figures stoke concern over the strength of the world’s second-biggest economy. Pacific Edge led the decline.

The NZX 50 Index fell 6.376 points, or 0.1 percent, to 5118.618. Within the index, 28 stocks fell, 20 rose and two were unchanged. Turnover was $126 million.

New Zealand was one of the few stock markets to decline across Asia as investors mulled the impact of a weak Chinese manufacturing indicator and the prospect of more uncertainty in the Ukraine after Russia annexed the Crimean Peninsula this month.

“The Australian market was down on the open, in part on the US’s soft close on Friday and generalised concerns over the broad economic direction - there are a few nerves about the Ukraine and some nervousness about the state of play in China,” said Angus Gluskie, who manages A$350 million in equities for White Funds Management in Sydney.

The S&P/ASX 200 index was up 0.1 percent in afternoon trading, joining a regional rally as investors decided the weak Chinese manufacturing reading might spur policymakers to provide stimulus to the economy.

Pacific Edge, the non-invasive bladder cancer test developer, declined 5.8 percent to $1.46 to be the day’s worst performer on the NZX50 in its first day of trading on the benchmark index.

Companies with Australian interests paced the decline, with construction company Fletcher Building down 1.8 percent to $9.59, and casino operator SkyCity Entertainment Group falling 2.5 percent to $3.88. A2 Corp, which counts Australia as its largest market for its milk, fell 2.1 percent to 92 cents. Brisbane-based jeweller Michael Hill International slipped 0.8 percent to $1.33.

Online auction website Trade Me Group fell 0.3 percent to $3.98. Warehouse Group, New Zealand’s largest listed retailer, climbed 0.9 percent to $3.23.

Auckland International Airport slipped 1.6 percent to $3.82 and Air New Zealand declined 0.3 percent to $1.885.

Kathmandu Holdings was the day’s best performer, up 8.4 percent to $3.62, after the outdoor goods retailer’s first-half earnings rose, even as it contended with an unfavourably strong New Zealand dollar against its trans-Tasman counterpart.

“A number of retailers in recent weeks have been coming out with disappointing results but their result lived right up to expectations,” said Grant Williamson, director at Hamilton Hindin Greene. “Kathmandu is a good example of a company performing extremely well even against a negative in the currency or the exchange rate.”

Clothing chain Hallenstein Glasson, which left the benchmark index from today, climbed 7.1 percent to $3.00, ahead of an earnings announcement this week. Children’s clothing retailer Pumpkin Patch gained 3.6 percent to 58 cents.

Among other stocks to gain, Ebos Group rose 2.9 percent to $10.50, Xero increased 1.3 percent to $44, and Telecom advanced 1.3 percent to $2.405.

Ryman Healthcare rose 0.7 percent to $8.26. The retirement village operator dropped 5.9 percent last Friday as $71 million of its stock changed hands as managers reweighted their portfolios.

“We’ve seen one or two bargain hunters coming in on those stocks that were sold off on that reweighting on Friday,” Williamson said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Broadband Network: Spark Launches New, Competitive Ultra Fibre Plan Line-Up

Spark is giving customers an even more compelling reason to switch to its Ultra Fibre plans from today with the introduction of new competitive pricing for the majority of its plans (details below) and Fibre Landline (voice-over-fibre technology) for ... More>>

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news