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

 

MARKET CLOSE: NZ shares join global rally, paced by Fletcher

MARKET CLOSE: NZ shares join global rally, paced by Telecom, Fletcher

Aug. 6 (BusinessDesk) - New Zealand stocks joined a region-wide rally after better-than-expected employment data in the US eased investors' concerns that global growth is slowing. The advance was paced by the biggest stocks on the bourse, Telecom and Fletcher Building.

The NZX 50 index rose 15.20 points, or 0.4 percent, to 3563.20. Within the index, 26 stocks rose, nine fell and 15 were unchanged. Turnover was $75.9 million.

"The New Zealand market was always going to be up today because of the stock markets in the US and Europe - they reacted strongly to the payrolls data," Mark Lister, head of private wealth research at Craigs Investment Partners. "It's not a surprise that our market is not performing as well as offshore but if they had a weak night tonight we would be more resilient - we are a safer market."

Fletcher Building, New Zealand's largest construction company, rose 1.6 percent to a one-month high of $6.27, while Telecom, the largest company on the exchange advanced 1.1 percent to $2.71, its highest close since August 2008.

The biggest gainer was PGG Wrightson, the nation’s largest rural services company, which rose 3.2 percent to 32 cents. Outdoor clothing and equipment chain Kathmandu rose 2.6 percent to $1.60.

Guinness Peat Group, the investment company in the process of selling down its portfolio, rose 2 percent to 50 cents. Cavalier, the carpet and wool scouring group, rose 2.5 percent to $1.64.

Fisher and Paykel Healthcare led decliners, down 2.6 percent to $1.89. The stock has shed about 23 percent this year. It has seesawed alongside the New Zealand dollar which touched a fresh three-month high, eroding the value of the more-than 50 percent of sales it makes in US dollars.

"They are underperforming the most, which is currency related," Lister said. "They have had a bit of a ride this year."

Shares in Vital Healthcare Property Trust fell 1.6 percent to $1.24. The Auckland-based company announced the value of its portfolio fell about $6.2 million, or 1.1 percent, in the year ended June 30, led by a drop in the value of its Mercy Ascot Hospital.

Ryman Healthcare, which invests in retirement villages, fell 1.4 percent to $3.57.

Property for Industry ended the day unchanged at $1.155. The company today reported a 4.9 percent drop in first-half earnings to $7.6 million from $8 million a year earlier after shrinking its portfolio. It also warned the annual dividend will be smaller than a year ago.

Sanford was unchanged at $3.85 after the US government withdrew one of the claims in its US Federal District Court case against the fishing company, which is accused of illegal discharges and obstruction of justice related to a vessel operating out of American Samoa.

DNA diagnostic test business Pacific Edge rose 5.3 percent to 20 cents. The Dunedin-based company has received independent clinical confirmation that its bladder cancer detection test is at least as effective as other methods. The validation in the American Journal of Urology could be worth up to $100 million a year in five years’ time for its Cxbladder test.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



Consumer NZ: Buy-now, Pay-later Raking In $10m+ In Late Fees Annually

A Consumer NZ survey has found buy-now, pay-later services are costing shoppers more than $10 million a year in late fees. Close to four out of 10 Kiwi consumers use buy-now, pay-later services, such as Afterpay, Laybuy and Zip... More>>

Westpac: Catherine Mcgrath Appointed New Zealand CEO

Westpac Group CEO Peter King and the Westpac New Zealand Board today announced the appointment of Catherine McGrath as Chief Executive Officer, Westpac New Zealand... More>>


Amazon: AWS To Open Data Centres In New Zealand

Today, Amazon Web Services (AWS), announced plans to open an infrastructure region in Aotearoa New Zealand in 2024. The new AWS Asia Pacific (Auckland) Region will consist of three Availability Zones (AZs) and join the existing 81 Availability Zones across 25 geographic AWS Regions at launch... More>>

ALSO:



Statistics: Surge In Imports Results In Record Monthly Trade Deficit
Imports increased $1.8 billion in August 2021 compared with August 2020, resulting in a record monthly trade deficit of $2.1 billion, Stats NZ said today. Exports were little changed, down $42 million. "This is a larger deficit than normal because of higher values for imports.. More>>

Fonterra: Completes reset, announces annual results and long-term growth plan out to 2030

Fonterra Co-operative Group Limited today announced a strong set of results for the 2021 financial year, reflected in a final Farmgate Milk Price of $7.54, normalised earnings per share of 34 cents and a final dividend of 15 cents... More>>


Statistics: GDP rises in the June 2021 quarter

Gross domestic product (GDP) rose by 2.8 percent in the June 2021 quarter, following a 1.4 percent increase in the March 2021 quarter, Stats NZ said today. June 2021 quarter GDP was 4.3 percent higher when compared with the December 2019 quarter... More>>