Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

NZ stocks rise for a third day, Air NZ gains

MARKET CLOSE: NZ stocks rise for a third day, Air NZ gains

Dec. 18 – New Zealand stocks rose, nudging the NZX 50 Index higher for a third day, after the trade organization for airlines dismissed regulator allegations about cartel activity involving Air New Zealand.

The NZX 50 rose 11.661, or 0.4%, to 2707.591 at the 5 p.m. close of trading in Wellington. Within the index, 21 stocks fell, 19 rose and 10 were unchanged or untraded.

Air New Zealand jumped 5.8% to 91 cents after the carrier said it will vigorously defend charges filed by the Commerce Commission that it was one of 13 airlines involved in cartel activity involving air cargo and fuel surcharges. The International Air Transport Association said allegations of misconduct under its umbrella were “inaccurate and without merit.”

NZ Farming Systems Uruguay slumped 20% to 60 cents and 11% owner and manager PGG Wrightson tumbled 15% to NZ$1.30.

The developer of dairy farms in South America today said it may post a full-year loss of as much as US$11 million because of a sharp decline in international prices for milk. Wrightson yesterday said it would write down the value of its holding in NZ Farming Systems.

“There been some concern for a little while that South America isn’t the golden goose once thought, especially when you see what’s been happening to Fonterra’s milk prices,” said Alan Moore, who helps manager NZ$250 million at Milford Asset Management.

Michael Hill International led a decline by some retailers after a bank survey showed retailers’ confidence sunk to a record low this month, typically the start of their peak sales season. The jeweller dropped 6.5% to 58 cents. Hallenstein Glasson fell 0.4% to NZ$2.27 after the clothing chain told shareholders that sales in the period from August 2 to Dec. 14 are 4% down on a year earlier and profit margins have contracted.

Stocked edged higher across Asia amid speculation the region’s central banks may be spurred into action in cutting interest rates after the Federal Reserve’s unprecedented reduction. In Japan, the Nikkei 225 Index rose 0.6% to 8665.1 in early afternoon trading. In Sydney, the S&P/ASX 200 Index at 3570.8. Qantas Airways rose 7.5% to A$2.43 as prices for jet fuel declined.

New Zealand Oil and Gas, which has been building a strategic stake in Pan Pacific Petroleum to gain more exposure to the Tui oil field, rose 1 cent to NZ$1.33. Pan Pacific was unchanged at 35 cents.

(Businesswire)

ENDS

© Scoop Media

 
 
 
 
 
Top Scoops Headlines

 

Scoop HiveMind Project: Universal Basic Income - Are We Up For It?

This is an opportunity for you as one of the 4 million potential funders and recipients of a Universal Basic Income to collectively consider the issue:
1. Is UBI is a desirable policy for New Zealand; and
2. How should a UBI system work in practice. More>>

ALSO:

Lyndon Hood: National Announces Plan To Hit Youth With Big Mallets

The National party has announced its youth justice policy, which includes a controversial plan for recidivist serious youth offenders to be hit over the head with a comically large rubber mallet. More>>

ALSO:

Lyndon Hood: This ->

It's been brought to my attention that Labour's new campaign slogan is "Let's do this". A collective call to action. A mission. I myself was halfway out of the couch before I realised I wasn't sure what it was I was supposed to do. More>>

ALSO:

Scoop Hivemind Report: What New Zealanders Think About Affordable Housing

Ordinary citizens have had very few venues where they can debate and discuss as to what they believe has led to the crisis in affordable housing and how we might begin to address this. The HiveMind on affordable housing was about redressing the balance. More>>

ALSO:

New Hivemind Exploration: Opening The Election - Freshwater Quality

This is an opportunity for you as one of the 4 million guardians of our common water resources to help us find mutually agreeable solutions to the critical task of collectively managing these resources for health and sustainability. More>>

ALSO:

 
 
 
 
 
 
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog