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

 


MARKET CLOSE: NZ shares rise; Fletcher gains on consents

MARKET CLOSE: NZ shares rise; Fletcher gains on consents; F&P soars to 8-year high

By Suze Metherell

June 6 (BusinessDesk) - New Zealand stocks rose as Fletcher Building climbed to a two-week high on government data showing building activity was growing at its fastest pace in over a decade. Fisher & Paykel Healthcare touched an intraday record.

The NZX 50 Index rose 22.947 points, or 0.4 percent to 5182.437. Within the index, 21 stocks rose, 22 fell and seven were unchanged. Turnover was $128.8 million.

Fletcher Building, New Zealand's largest listed company, advanced 3 percent to $9.19, its highest since May 26. This week Statistics New Zealand said first quarter house building activity grew at its fastest pace in almost 12 years as construction ramped up to rebuild Christchurch, the country's second-biggest city, and to fill a housing shortage in Auckland. Shares in the construction company have declined 6.9 percent over the past three months.

"The stats from the other day were very strong which is good for Fletcher Building," said Anthony Halls, who helps manage more than $200 million for Mint Asset Management. "Its been weak recently, so its a bit of a bounce."

Fisher & Paykel Healthcare rose 1.7 percent to an eight-year high of $4.68, after touching an intraday record of $4.71. The breathing apparatus manufacturer, which exports 98 percent of its product, last month said its 2014 annual profit rose 26 percent to $97.1 million but expects 2015 earnings growth to stall as it struggles against a high kiwi dollar. The kiwi fell to a three-month low this week.

"It's off its strong result, which is what kickstarted the renewed interest in the stock," Halls said. "The kiwi dollar is down a little bit from where it was at the time."

A2 Milk Company, which makes milk with added protein for health benefits, advanced 2.7 percent to 77 cents.

"One of their key competitors in Australia have come out with a new marketing strategy which is designed to essentially position themselves directly against A2," Halls said. "Competition is heating up, which is bad news for the stock, but what's good for the stock is that they're significant enough now that their competitors are worried."

Pacific Edge, the Dunedin-based biotech company, led the benchmark index higher, up 3.7 percent to 84 cents. Diligent Board Member Services, the governance app maker, climbed 1 percent to $4.15. Xero, the cloud-based accounting software firm, declined 1.3 percent to $29.41.

Air New Zealand fell 0.2 percent to $2.21 after the national carrier said it had been awarded $3.2 million towards its legal costs by the Federal Court in Australia as part of the settlement of an air cargo class action. Air New Zealand is not making any payment as part of that settlement.

Argosy Property fell 2 percent, or 2 cents, to 97 cents after it shed rights to its 1.5 cent interim dividend, which is payable June 24.

Off the bourse, Gentrack Group, which develops utilities and airports software, will sell its shares at $2.40 in this month's initial public offer, raising $36 million of new capital, and letting its owners sell down their holdings.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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