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

 

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