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

 


MARKET CLOSE: NZ shares rise as energy stocks gain

MARKET CLOSE: NZ shares rise as energy stocks gain, MRP, Meridian, Genesis advance

By Suze Metherell

April 29 (BusinessDesk) – New Zealand shares rose on speculation the incumbent National-led government will return for a third term. Meridian Energy, MightyRiverPower, Contact Energy and Genesis Energy paced gains.

The NZX 50 Index rose 32.492 points, or 0.6 percent, to 5148.291. Within in the index, 28 stocks rose, 13 fell and nine were unchanged. Turnover was $121.4 million.

Investors are growing increasingly confident the National-led government will return at this year’s general election, supporting energy stocks which had been depressed by opposition party policies to overhaul New Zealand’s electricity market.

Meridian climbed 1.7 percent to $1.20. Contact advanced 0.7 percent to $5.61. MRP rose 0.2 percent to $2.29. Outside the NZX50, Genesis gained 1.9 percent to $1.89, 22 percent above its initial offer price two weeks ago. Vector, the Auckland lines company, rose 0.4 percent to $2.51.

“The electricity sector appears to have done very well today,” said Paul Valk, investment adviser at Craigs Investment Partners. “Whether that is a view that people see National looks more likely to get into power and not make any changes to the electricity sector.”

Health stocks also gained. Biotech company Pacific Edge led the benchmark index higher, up 4.8 percent to $1.09. Fisher & Paykel Healthcare advanced 1 percent to $3.99 while Ebos Group, the pharmaceutical and healthcare products maker, climbed 3.7 percent to $9.30.

“Things are starting to look well valued - it’s hard to find good investment spots at the moment and I think people are still looking for attractive dividend returns with some growth potential,” as seen in the likes of the energy and health sector, Valk said.

The local tech sector underperformed the NZX50 today, with Xero, the cloud-based accounting software company, down 0.9 percent to $29.99, and Diligent Board Members Services, the governance app maker, falling 3.2 percent to $4.31.

Fletcher Building, New Zealand’s largest listed company, gained 0.9 percent to $9.85. Telecom, the nation’s largest telecommunications provider, advanced 2.1 percent to $2.72. New Zealand’s busiest gateway, Auckland International Airport, declined 0.5 percent to $3.89.

OceanaGold was the day’s worst performer, sliding 3.7 percent to $2.64, ahead of its first-quarter earnings announcement.

Warehouse Group, New Zealand’s largest listed retailer, fell 2.1 percent to $3.28. Brisbane-based jeweller Michael Hill International fell 0.8 percent to $1.32 and online auction site Trade Me Group declined 0.5 to $3.88. Outdoor good retailer Kathmandu slipped 0.6 percent to $3.62.

(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