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

 


MARKET CLOSE NZ shares rise; Kathmandu hits record

MARKET CLOSE NZ shares rise; Kathmandu hits record on sales, property trusts gain on Wheeler comments

By Suze Metherell

May 7 (BusinessDesk) - New Zealand stocks rose led by Kathmandu Holdings, which soared to a record after announcing strong sales. Argosy Property, Precinct Properties New Zealand and Kiwi Income Property Trust rose after a speech by the Reserve Bank governor cast doubt on the pace of interest rate rises.

The NZX 50 Index rose 14.229 points, or 0.3 percent, to 5189.126. Within the index, 26 stocks rose, 14 fell and 10 were unchanged. Turnover was $146 million.

Kathmandu jumped 8.7 percent to a record $4.00 after the outdoor goods retailer said it had strong sales over Easter with its third quarter sales up 3.6 percent to $93 million. The retailer expected full year sales to increase 5.5 percent to $405 million.

“They’ve shown over the last few years that despite the weaker retail sector in some ways they manage to buck the trend to do very, very well,” said Mark Lister, head of private wealth research at Craigs Investment Partners. “They’ve had a reasonably good start to the year and are confident of a strong performance.”

Reserve Bank governor Graeme Wheeler today said the bank may sell New Zealand dollars to drive down an “overvalued” currency which is keeping tradeables inflation at bay and may slow the pace of interest rate hikes.

Argosy Property rose 0.5 percent to 84.5 cents. Kiwi Income climbed 0.4 percent to $1.165. Precinct Properties, which responded to a please explain note on recent share activity from the NZX by confirming it remained compliant with listing rules, advanced 1 percent to $1.65 and Property For Industry gained 0.4 percent to $1.315.

“What the Reserve Bank governor said in a speech today was basically the currency is too high and if it stays too high it’ll make us rethink our view on interest rate rises,” Lister said “Property stocks might be responding to that comment as they’re high dividend payers and people buy them as a substitute for other sorts of high interest-bearing assets.”

Retirement village operators rose. Ryman Healthcare advanced 2.8 percent to $8.90. Metlifecare climbed 1.4 percent to $4.28 and Summerset Group Holdings gained 1.2 percent to $3.52.

Fletcher Building, New Zealand’s largest listed company, was the day’s worst performer, down 2.7 percent to $9.30. A Sydney-based Craigs’ analyst downgraded the stock from a ‘buy’ to a ‘hold’ while in a presentation released to the NZX the construction company alluded to on-going difficulties in its Australian market.

Xero, the cloud-based accounting software firm, fell 1.8 percent to $30.64. Diligent Board Member Services, the governance app developer, dropped 1.4 percent to $4.27. Pacific Edge, the Dunedin-based biotech company, rose 0.9 percent to $1.11.

Contact Energy advanced 1.8 percent to $5.70. Meridian Energy rose 0.8 percent to $1.20 and MightyRiverPower was unchanged at $2.28. Outside the benchmark index, Genesis Energy was unchanged at $1.845.

(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