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

 

MARKET CLOSE: NZ shares rise; Port of Tauranga gains

MARKET CLOSE: NZ shares rise; Port of Tauranga gains in light trading

Jan. 4 (BusinessDesk) - New Zealand shares gained in the first trading day for 2012, with Port of Tauranga rising to a record close after rival Ports of Auckland said it has lost business from Fonterra in the face of strikes.

The NZX 50 Index rose 13.39, or 0.4 percent, to 3288.11. Within the index, 30 stocks rose, 11 fell and nine were unchanged. Turnover was $64 million.

Shares gained on Wall Street and in Europe overnight and equity markets gained in Asia today after figures showed US manufacturing had its best month since June while Germany's unemployment rate was lower than forecast. The more upbeat data stoked optimism the global economy will avoid recession even if Europe contracts.

Port of Tauranga rose 1.5 percent to $10.10, its highest ever close. It reached $10.40 in intraday trading on Dec. 7. Ports of Auckland said today it stands to miss out on up to $100,000 a week in revenue once Fonterra Cooperative Group re-routes $27 million worth of weekly exports through Tauranga and Napier hubs instead of Auckland.

"The Port of Tauranga team have been working on this strategic move for a long time ... all New Zealander's benefit from improved activity across the wharf," said Shane Solly, portfolio manager at Mint Asset Management .

There were "thin volumes in general out there - not a lot of people active in the market," he said. Stocks markets have responded to "a reasonable pickup in activity globally."

Carpet maker Cavalier led gainers, rising 8.8 percent to $2.10, trimming its slide of nearly 50 percent in the past six months.

Stocks that had been punished amid concern Europe's debt crisis would scuttle global growth, were among the biggest gainers. Rakon, the maker of components for smart phones and navigation systems, rose 4.4 percent to 47 cents. Nuplex, the specialty chemicals maker, rose 2.6 percent to $2.35 and Fisher & Paykel Appliances, the whiteware manufacturer, rose 4.2 percent to 37 cents.

Pyne Gould Corp rose 2.9 percent to 35 cents. George Kerr’s Australasian Equity Partners Fund has lifted its interest in the company to 48.4 percent from 47.1 percent held as at Dec. 22, moving closer to a controlling stake as part of his takeover offer. The offer is at 37 cents a share.

Restaurant Brands, the fast food retailer, fell 3.4 percent to $2, the biggest decline on the NZX 50 today. Telecom dropped 3.4 percent to $2 and Fletcher Building rose 0.3 percent to $6.16.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mining: OceanaGold Announces Receipt Of WKP Mining Permit

MELBOURNE, Australia, Aug. 6, 2020 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the 'Company') is pleased to announce it has received the mining permit for Wharekirauponga ('WKP') on the North Island of New Zealand. ... More>>

ALSO:

Economy: COVID-19 Lockdown Has Widespread Effects On Labour Market

In the June 2020 quarter, the seasonally adjusted unemployment rate fell to 4.0 percent, down from 4.2 percent last quarter, while underutilisation rose, Stats NZ said today. More>>

ALSO:

NZ Post: New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3

New research by NZ Post into how the COVID-19 response has impacted the way Kiwis shop online, shows online shopping increased 105%* when the country moved into Alert Level 3, and may have changed the way Kiwis shop permanently. Online spend peaked ... More>>

ALSO:

Banking: Westpac NZ Lowers Merchant Fees For Small Businesses

Westpac NZ is rolling out a new merchant fee pricing structure that will lead to cost savings for more than 10,000 small and medium Kiwi businesses, and could make contactless transactions more widely available for customers. On 1 September, most ... More>>

REINZ: Million Dollar Plus Property Sales Increase 11.7% Nationally

The number of properties sold around the country for one million dollars or more during the first half (H1) of 2020 increased by 11.7% compared to H1 2019, with 5,426 million-dollar plus properties sold (up from 4,858 in H1 2019) according to the Real ... More>>

Waste: Government To Regulate Plastic Packaging, Tyres, E-Waste

The Government is stepping up action to deal with environmentally harmful products – including plastic packaging, tyres and e-waste – before they become waste. As part of the wider plan to reduce the amount of rubbish ending up in landfills, ... More>>

ALSO:


Antarctica NZ: Ice-Olation

Antarctica New Zealand is gearing up for a much reduced season on the ice this year and a very different deployment to normal! Before they head to one of the remotest places on the planet, all personnel flying south with the New Zealand programme will ... More>>

ALSO:

QV Valuations: July House Price Index Illustrates Market Resilience

According to the July 2020 QV House Price Index (HPI) results out today , property values recorded a marginal increase, up 0.2% over the month. This is somewhat of a turnaround from June, after the national index edged 0.2% lower. More>>

ALSO:

Property: Queenstown Rents Experience Biggest Drop In Seven Years

Rental prices in the Queenstown-Lakes district saw the biggest annual percentage drop in seven years after falling 28 per cent on June last year, according to the latest Trade Me Rental Price Index. Trade Me Property spokesperson Aaron Clancy said ... More>>

Seismology: The Quiet Earth

As many daily activities came to a halt during lockdown, the Earth itself became quiet, probably quieter than it has been since humans developed the technology to listen in. Seismologists have analysed datasets from more than 300 international ... More>>

RNZ: James Shaw Says Kiwibank, Not Ministers Should Decide On Investors

Climate Change Minister James Shaw says Kiwibank's decision to stop doing business with companies dealing in fossil fuels is the right one. More>>

ALSO:

FMA: Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments

Despite the majority (60%) of investors experiencing losses as a result of COVID-19, the outlook on investing remains positive, according to a Financial Markets Authority (FMA) survey. Most Kiwis (71%) were optimistic that the pandemic will pass eventually ... More>>

FIRST Union: Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off

(FIRST Union comments on The Warehouse consultation and proposed restructure) 'Unfortunately the Warehouse have done the disappointing thing and used Covid-19 to justify a bunch of operational business decisions that will leave hundreds of workers without jobs ... More>>

ALSO: