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

 


MARKET CLOSE: NZ shares rise, Fletcher, Steel and Tube gain

MARKET CLOSE: NZ shares rise, Fletcher, Steel and Tube gain on investors seeking recovery exposure

By Suze Metherell

March 27 (BusinessDesk) – New Zealand stocks rose as investors sought exposure to New Zealand’s economic growth, fuelled by a record high trade surplus for February and strong business confidence. Port of Tauranga, Fletcher Building and Steel & Tube paced the day’s gainers.

The NZX 50 Index rose 1.645 points, or 0.03 percent, to 5126.533. Within the index, 22 stocks rose, 20 fell and eight were unchanged. Turnover was $115.9 million.

Fletcher, New Zealand’s largest listed company, rose 1.6 percent to $9.57. Steel & Tube climbed 1.4 percent to $3.00 and Port of Tauranga, New Zealand’s largest export port, rose 0.8 percent, to close at $14.16.

“Anything that seems to be a wee bit exposed to the building cycle, Steel & Tube and Fletcher Building, is performing well,” said Chris Timms, investment advisor with Craigs Investment Partners. “All the blue chips stocks are up.”

However, Xero fell 5.6 percent to $41, a three week low. The cloud-based accounting software company has climbed 270 percent in the past 12 months. A2 Corp, which has gained 57 percent in the past year, slid 1.1 percent to 92 cents. Outside the benchmark index, Wynyard Group slipped 1.6 percent to $3.00. The security software firm has gained more than 170 percent since it listed last July.

“The growth stocks have had good runs, people have looked at the short term profit off them, and if there is a bit of weakness offshore they’ve thought, well maybe I better lock in some profit here,” Timms said.
pacific
Freightways led the day’s gainers up 2.6 percent to $4.82. Brisbane-based jeweller Michael Hill International climbed 2.2 percent to $1.37 and Telecom rose 1.3 percent to $2.425.

Pacific Edge, the non-invasive bladder cancer test developer, fell 4.1 percent to $1.41. Two directors and the chief executive sold down their holdings this month, according to NZX data.

“Pacific Edge seems to be driven by the fact that people are a bit worried that some of the directors and key shareholders have been taking the opportunity to reduce their stakes,” Timms said. “There would be people looking at the company and asking, ‘why are these guys selling?’”

Meridian Energy instalment receipts closed at $1.125 after shedding rights to its 4.19 cents per share interim dividend. MightyRiverPower was unchanged at $2.180 and Contact Energy rose 0.6 percent to $5.26.

Outside the benchmark index, Methven fell 4.7 percent to $1.23 after the tap-maker and distributor cut its full-year earnings guidance for a second time, saying soft trading conditions it flagged in January have continued for longer than expected.

Synlait Milk also shed 7 percent to $3.71 after downgrading full year net profit forecasts by some $5 million to between $25 million and $30 million because of the strong New Zealand dollar and the fallout from Fonterra’s whey protein contamination scare, which impacted on the Chinese infant formula market, where Synlait is targeting new brands.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news