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

 


Aust: Shares eke out gains after exhausting week

Shares eke out gains after exhausting week

By Michael McCarthy (Chief Market Strategist, CMC Markets)

After Monday’s bang, Australian shares have closed the week with a whimper, edging higher to post a modest gain for the week. Investors appear to have forgotten the biggest one day fall since January that started the week, and added to holdings in banks, telcos and property trusts.

Telstra is a star performer, continuing to rise following CEO David Thodey’s announcement on Tuesday to utilise the existing retail internet user network to create two million Wi-Fi hotspots across Australia. Analysts see this as both an answer to questions of growth and a clever utilisation of existing infrastructure. The shares touched $5.40 today, the highest level in more than nine years.

Alumina ltd also enjoyed a slow burning rise, today’s 4% lift meaning it’s up 10% for the week. Investors apparently found the company’s presentation to the World Aluminium Conference in Hong Kong compelling, outlining a sharp tightening in bauxite markets as Indonesia continues to restrict unprocessed exports. Although flat today, Ansell is another stock that saw a turnaround in fortunes this week.

The AUD did not participate in the turnaround in sentiment, continuing to trade near lows around 0.9215. The anticipated tightening in fiscal conditions via budget measures has currencies traders speculating that the RBA will defer interest rate rises.
www.cmcmarkets.com.au

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news