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

 


MARKET CLOSE NZ shares rise on tech relief rally; Xero up

MARKET CLOSE NZ shares rise on tech relief rally; Xero, Wynyard, SLI lift

By Suze Metherell

April 9 (BusinessDesk) – New Zealand stocks snapped a two-day decline as a rally in the US saw tech stocks regain some lost ground. Xero, Wynyard Group, GeoOp and SLI Systems rose. Kathmandu Holdings jumped as a takeover of Australia’s David Jones lifted sentiment for retailers across the Tasman.

The NZX 50 Index rose 35.851 points, or 0.7 percent, to 5067.407. Within the index, 29 shares rose, 11 fell and 10 were unchanged. Turnover was $111 million.

Asian markets followed Wall Street higher as investors bought back into some of the tech stocks they’d sold off such as Yahoo, Google and Facebook. The tech-heavy Nasdaq Composite Index rose for the first time in four sessions to close 0.8 percent higher. Australia’s S&P/ASX 200 Index climbed 1.2 percent and Hong Kong’s Hang Seng Index rose 1 percent.

Xero, the cloud-based accounting software firm, rose 1.9 percent to $32.10. Tech stocks outside the benchmark index also gained. Wynyard, the security software company, advanced 4.1 percent to $2.55. GeoOp, the small business task management app, increased 7.9 percent to $1.50. SLI Systems, the search engine developers, climbed 4.1 percent to $2.03.

“There’s been some strength in the Asian markets and that’s flowed into our market,” said Chris Timms, investment adviser at Craigs Investment Partners. “There was a relief rally on the Dow overnight so a lot of the stocks we’ve seen sold off, particularly the likes of the tech area, have had quite a good recovery.”

David Jones, Australia’s largest department store by market value, announced a conditional takeover offer worth A$2.15 billion South African retailer Woolworths Holdings, which helped buoy kiwi retailers with trans-Tasman exposure. David Jones surged 23 percent to A$3.915 on the ASX.

Kathmandu, the outdoor goods retailer which gets two thirds of its sales from Australia, led the market higher, up 5 percent to $3.76. Brisbane-based jeweller Michael Hill International rose 2.3 percent to $1.36. A2 Corp, the milk marketer that counts Australia its largest market, rose 3.6 percent to 87 cents.

Woolworths’ offer for David Jones “may be feeding through that whole retail sector,” Timms said.

Restaurant Brands rose 4.6 percent to $2.98 after the nation’s largest fast-food operator posted a 23 percent rise in annual profit after it boosted sales and forecast increased earnings throughout the year.

Summerset Holdings slipped 0.6 percent to $3.39. The retirement village operator lifted occupation rights in the first quarter from a year earlier but at a slower rate than the previous year.

Telecom rose 2.4 percent to $2.58. Fletcher Building, New Zealand’s largest listed company, advanced 1.2 percent to $9.59. Ryman Healthcare fell 0.8 percent to $8.26.

Energy stocks were mixed. MightyRiverPower rose 1.2 percent to $2.17. Contact Energy advanced 0.4 percent to $5.26. Auckland lines company Vector fell 0.4 percent to $2.44 and TrustPower declined 0.2 percent to $6.43. Meridian Energy was unchanged at $1.135. The general offer for shares in state-owned Genesis Energy closes on Friday.

Outside the benchmark index, Seeka Kiwifruit Industries was unchanged at $2.60. The fruit grower, coolstore and packhouse operator, has agreed to buy Glassfields (NZ), the fruit ripening and delivery services business, for as much as $6.25 million as it looks for growth away from the stricken kiwifruit industry.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news