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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats: Auckland’s Population Falls For The First Time
In the wake of the COVID-19 pandemic, New Zealand’s population growth slowed down with Auckland recording a population decline for the first time ever, Stats NZ said today. “New Zealand saw slowing population growth in all regions... More>>

BusinessNZ: Third Snapshot Report Reveals $9.5 Billion Business Investment In Climate Action

Signatories to the Climate Leaders Coalition have committed to invest $9.5 billion over the next five years to reduce emissions from their businesses, as revealed in their third anniversary snapshot report released today... More>>

Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>

Retail NZ: Some Good News In COVID Announcements, But Firm Dates Needed

Retail NZ is welcoming news that the Government is increasing financial support for businesses in light of the ongoing COVID-19 lockdown, and that retail will be able to open at all stages of the new “Covid Protection Framework... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>

Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>