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 Telecom

MARKET CLOSE: NZ shares rise, led by Telecom in subdued holiday trading

Dec. 29 (BusinessWire) – New Zealand shares rose in subdued trading, as many local investors took a Christmas-New Year holiday. Telecom Corp. and NZX Ltd. led the advance.

The NZX 50 climbed 19.92, or 0.6%, to 3225.12 in the first trading day since Dec. 24. It was the third gain in four sessions. Within the index, 20 stocks rose, 14 fell and 15 were unchanged. Turnover was $16 million, about a quarter of typical daily trading.

Telecom rose 3.3% to $2.53. The shares are yielding about 1`5% based on 12 months of dividends, compared to 12% for Australia’s Telstra Corp. Telecom is rated ‘hold’ based on the consensus of 14 recommendations compiled by Reuters.
NZX, the stock exchange operator, rose 3.1% to $2.35.

Australian pension fund company AMP Ltd. rose 1.5% to $8.40. Standard & Poor's on Dec. 24 affirmed the ratings of its life affiliates with a stable outlook.

PGG Wrightson fell 3.3% to 58 cents. The rural services group last week said it repaid $200 million owed to its banking syndicate after completing its rights issue.

Allied Farmers, which convinced investors of Hanover Investments to accept shares in lieu of their financial assets, fell 4% to 12 cents, valuing the company at $244 million. Shares soared to more than 1.9 billion from 37.7 million with the Hanover deal. Allied’s market cap was as less than $7 million in the run-up to the transaction.

Among retailers, who have just rounded out their peak selling season, Michael Hill International climbed 1.5% to 67 cents. Kathmandu Holdings fell 1.4% to $2.05. Briscoe Group was steady at $1.25 and Warehouse Group was unchanged at $4.21.

(BusinessWire)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Energy: New Zealand Could Be World’s First Large-scale Producer Of Green Hydrogen

Contact Energy and Meridian Energy are seeking registrations of interest to develop the world’s largest green hydrogen plant. The plant has the potential to earn hundreds of millions in export revenue and help decarbonise economies both here and overseas... More>>


MBIE: 36th America’s Cup Post-event Reports Released

Post-event reporting on the 36th America’s Cup (AC36) has been released today. The reports cover the delivery of the event by Crown, Council and America’s Cup Event Limited, economic impacts for Auckland and New Zealand, and delivery of critical infrastructure... More>>

Fonterra: Farmer Feedback Set To Shape Revised Capital Structure Proposal

With the first phase of Fonterra’s capital structure consultation now complete, the Co-op is drawing up a revised proposal that aims to reflect farmers’ views. A number of changes are being considered to the preferred option initially put forward in the Consultation Booklet in May... More>>




Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>

ALSO: