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

 


MARKET CLOSE: NZ shares rise in run-up to Christmas

Friday 23 December 2016 02:12 PM

MARKET CLOSE: NZ shares rise in run-up to Christmas

By Paul McBeth

Dec. 23 (BusinessDesk) - New Zealand shares rose in abbreviated trading ahead of the Christmas holiday, led by blue-chip stocks including Auckland International Airport and Spark New Zealand, while Tenon gained on the prospect of it selling its remaining assets.

The S&P/NZX 50 index advanced 25.13 points, or 0.4 percent, to 6,877, extending its run of gains to six sessions. Within the index, 23 stocks rose, 16 declined, and 11 were unchanged. Turnover was $57.6 million, some $9.1 million of that on trading in A2 Milk shares, which fell, with light trading in the run-up to Christmas and the stock exchange settling at the earlier time of 1.30pm. Australia's S&P/ASX 200 index was largely flat in early trading, with both bourses shrugging off Wall Street's decline.

Auckland Airport led the NZX 50 higher, rising 2.3 percent to $6.66, while Spark gained 1.8 percent to $3.45. Port of Tauranga was up 1.6 percent to $3.79 and Meridian Energy increased 1.6 percent to $2.575. Heartland Bank also gained 2 percent to $1.50.

"Unsurprisingly, there's not a deal of news out there today," said Matt Goodson, managing director at Salt Funds Management in Auckland. "The markets don't close, and we certainly intend to carry on. What tends to happen is that there's a lot less research written and a lot less company-specific news."

Warehouse Group posted the biggest decline on the benchmark index, falling 2.4 percent to $2.80 ahead of the final flurry of Christmas trading. Earlier this week the country's biggest listed retailer warned trading was weaker than expected in the run-up to the all-important Christmas trading period.

Among other stocks to fall, A2 Milk Co dropped 2.3 percent to $2.09 on turnover of $9.1 million, while Argosy Property slipped 1 percent to $1, and Vector declined 1 percent to $3.13.

Outside the benchmark index, Tenon said it's holding exclusive talks with a potential buyer of its New Zealand assets, which if successful would see the entity return surplus cash and liquidate what used to be Fletcher Challenge. The shares rose 4.6 percent to $2.30, and shares of Rubicon, which controls Tenon, gained 4.8 percent to 22 cents.

"If that does result in a transaction in the new year it would see Tenon wound up, bringing an end to an era," Goodson said.

Fletcher Building, which was carved out of the Fletcher Challenge empire in 1996 and remains one of the biggest companies on the local bourse, slipped 0.2 percent to $10.75.

IkeGPS, which makes laser measurement tools, was unchanged at 39 cents after Harbour Asset Management said it sold its 7.4 percent stake at 31.2 cents apiece on market in trading yesterday.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Statistics: Record Net Annual Migration Levels Continue

In the February 2017 year, 71,300 more migrants arrived in New Zealand than left, Stats NZ said today. This equalled the previous annual record set in January 2017. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news