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

 


MARKET CLOSE: NZ shares rise, led by Goodman Property

MARKET CLOSE: NZ shares rise, led by Goodman Property on profit boost; Trade Me, Xero rise

By Suze Metherell

May 14 (BusinessDesk) – New Zealand shares rose, led by Goodman Property Trust, after the property investor said full year net profit rose 72 percent. Trade Me and Xero paced the gains while Ryman Healthcare fell ahead of reporting earnings tomorrow.

The NZX 50 Index rose 14.017 points, or 0.3 percent, to 5213.359. Within the index, 26 stocks rose, 14 fell and 10 were unchanged. Turnover was $83.6 million.

Goodman Property, the largest property investor by market value, climbed 3 percent to $1.035 after saying full-year profit rose to $134 million, driven by a 25 percent increase in rental revenue and accounting adjustments. The trust, which is managed by Goodman (NZ), announced governance changes including paying more of its management fees via units rather than cash and funding new developments through asset sales rather than equity raising.

“There was a good result out of Goodman today,” said Robert Garden, an investment advisor with Craigs Investment Partners. That “provides support to the property sector, which has run up a bit in recent weeks.”

DNZ Property Fund rose 1 percent to $1.595. Property for Industry advanced 0.4 percent to $1.325 ahead of its annual general meeting this Friday. Argosy Property, which is due to report full-year results next week, was unchanged at 95 cents.

Ryman fell 0.2 percent to $8.88 and has advanced 13 percent this year. The retirement village operator reports full-year earnings tomorrow.

“Investors are waiting for a bit more meat in the sandwich to come into the market in terms of earnings,” Garden said. “They’ll be watching Ryman keenly, particularly for some more concrete news out of their Australian operations and how their sales in Melbourne are going.”

Rival retirement village operator Summerset Group Holdings rose 0.6 percent to $3.58. Metlifecare advanced 0.7 percent to $4.25.

Stocks with exposure across the Tasman slipped as investors mulled the impact of spending cuts in the Australian Federal Budget.

Dual-listed lender Westpac Banking Corp was the NZX 50’s worst performer on the day, down 3.4 percent to $37.18. Fletcher Building, which gets 50 percent of its earnings from Australian operations, fell 0.8 percent to $9.32. SkyCity Entertainment Group, which operates Darwin and Adelaide casinos, declined 1.2 percent to $4.11. Brisbane-based jeweller Michael Hill International dropped 1.5 percent to $1.30.

“Most of New Zealand’s big companies have some kind of exposure to the Australian economy,” said Shane Solly, director at Harbour Asset Management. “There have been some elements of the Australian budget which will require belt tightening but not as much as expected.”

Solly and Garden both said they don’t expect surprises out of New Zealand’s budget tomorrow, which will likely affirm the track of economic growth.

Trade Me Group, the online auction site, advanced 2.5 percent to $4.05. Warehouse Group, New Zealand’s largest-listed retailer, climbed 2.1 percent to $3.38.Kathmandu Holdings, the outdoor goods retailer, rose 0.5 percent to $3.90.

Telecom, New Zealand’s largest telecommunications provider, lifted 0.2 percent to $2.69. Xero, the cloud-based accounting software firm, increased 1.4 percent to $31.85. Auckland International Airport, the nation’s busiest gateway, advanced 0.6 percent to $4.135. Port of Tauranga climbed 0.6 percent to $14.43.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news