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

 

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news