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

 


MARKET CLOSE: NZ stocks climb led by Pacific Edge on gong

MARKET CLOSE: NZ stocks climb led by Pacific Edge on gong; Ryman, Summerset gain

By Suze Metherell

May 2 (BusinessDesk) – New Zealand stocks rose led by Pacific Edge after the biotech firm was named NZBIO’s top bioscience company. Ryman Healthcare Group paced gains on plans for a new Auckland village.

The NZX 50 Index rose 23.704 points, or 0.5 percent, to 5232.911. Within the index, 27 stocks rose, 12 fell and 11 were unchanged. Turnover was $176.3 million.

Pacific Edge advanced 3.7 percent to $1.12. The Dunedin-based biotech company was recognised by the national industry group for the development of cxbladder, its non-invasive bladder cancer test which is now used throughout New Zealand and the US. The stock was caught in last month’s global tech-sell off, dropping 15 percent in the past month.

“It’s good news for their share price to give people a bit more of a positive perspective on the company,” said Michael Milne, investment adviser with Craigs Investment Partners. “It certainly has been under a bit of pressure, and people have been keeping an eye on it but have been a wee bit timid to jump back in until now.”

Ryman rose 1.6 percent to $8.89. The retirement village operator announced it had secured a 150-year lease with Ngati Whatua Orakei to develop a new development on Auckland’s North Shore.

Rival retirement village developer and operator Summerset Group rose 0.9 percent to $3.50, while Metlifecare gained 0.7 percent to $4.14.

“Ryman is starting to look quite expensive, it has had a good run up so people are looking for other exposures to the sector and that is lending a bit of support to Metlife and Summerset as well,” Milne said.

Xero, the cloud-based computing software developer, gained 2.4 percent to $31.95. Air New Zealand, the national carrier, rose 1.9 percent to $2.13. Auckland International Airport, New Zealand’s busiest gateway, climbed 1.2 percent to $4.07 and Fletcher Building, the largest listed company on the NZX, advanced 0.2 percent to $9.77.

Telecom slipped 1.8 percent to $2.685.

OceanaGold was the day’s worst performer, down 4.4 percent to $2.80. Diligent Board Member Services, the governance app developer, fell 3.9 percent to $4.43, while Chorus, the telecommunications network operator, declined 1.7 percent to $1.71.

Contact Energy climbed 1.8 percent to $5.80. MightyRiverPower was unchanged at $2.335 as was Meridian Energy at $1.225. Outside the benchmark index, Genesis Energy, the last of the government’s energy companies to be partially privatised, fell 0.8 percent to $1.86.

Vital Healthcare Property Trust rose 1.1 percent to $1.365. Precinct Properties New Zealand climbed 1.5 percent to $1.045. Property For Industry advanced 0.8 percent to $1.30.

Briscoe Group gained 4.2 percent to $2.48 after the retailer reported a 5.7 percent gain in first-quarter profit, and said it expected annual earnings growth as it widened its margins.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news