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


MARKET CLOSE: NZ shares rise, Fletcher at 6-month high

MARKET CLOSE: NZ shares rise, Fletcher at 6-month high on Aussie thaw

Sept. 3 (BusinessDesk) – New Zealand shares rose for a fourth session as Fletcher Building climbed to a six-month high on tentative signs of recovery in the Australian economy that’s lifted its building product rivals across the Tasman. Michael Hill International fell after Australian retail sales grew less than expected.

The NZX 50 Index rose 10.354 points, or 0.2 percent, to 4606.711, the highest close since late May. Within the index, 17 stocks rose, 25 fell and eight were unchanged. Turnover was $131 million.

Fletcher, the biggest company on the NZX 50, rose 2.7 percent to $9.25 and Australian rivals Boral and CSR both gained today. Figures this week showed the biggest gain in Australian national dwelling values since April 2010, while approvals to build new homes jumped about 11 percent in July.

“It is a reasonably hesitant recovery but there are signs of recovery in Australian,” said Shane Solly, portfolio manager at Mint Asset Management. “We’ve seen a bit of a bounce across the board with building stocks in Australia.”

The New Zealand market “survived earnings season in reasonable order, with very few major disappointments,” Solly said. “Our market is continuing to deliver a reasonably steady earnings outlook.”

Ebos Group, which doubled in size after buying Australian pharmaceutical wholesaler and distributor Symbion for $1.1 billion this year, rose 0.6 percent to $9.70.

Diligent Board member Services rose 4.8 percent to $5.05 after fund managers at Accident Compensation Corp disclosed an increase in their holding to 7.4 percent from 6.3 percent.

Michael Hill, the Brisbane-based jewellery chain, dropped 4.9 percent to $1.37. Australian retail sales rose 0.1 percent in July from a month earlier, a quarter of the pace expected by economists.

Sky Network Television rose 2.8 percent to $5.90 and Chorus edged up 0.7 percent to $2.97.

Bathurst Resources was unchanged at 20 cents after it came off a trading halt. The would-be coking coal miner raised $18.9 million at 18 cents apiece from existing institutional and eligible shareholders.

Precinct Properties was halted at $1.045 after the property investor said it planned to raise $50 million in an underwritten placement at $1 a share to institutions, and up to a further $20 million through a share purchase plan. The funds will go to repaying back debt and funding its medium-term projects.

Tourism Holdings fell 2.9 percent to 67 cents after Milford Asset Management emerged as its second-biggest shareholder, building a 14 percent stake in a $7.1 million spend-up yesterday. Utilico Investments was the biggest seller, exiting its entire 8.6 percent holding in the rental campervan operator.

Synlait Milk gained 1.5 percent to $3.29 after the dairy processor raised its forecast payout to the farmgate to $8 per kilogram of milk solids from $7/kgms previously, while affirming its forecast earnings on the strength of commodity prices and its increased processing volumes.

Units in the Fonterra Shareholders’ Fund slipped 0.1 percent to $7.04 after ANZ figures showed the price of skim and whole milk powder continued to rise in August.

Air New Zealand fell 1.1 percent to $1.415 after getting Australian Competition and Consumer Commission approval for a five-year extension to its trans-Tasman alliance with Virgin Australia. The extension is conditional on the airlines maintaining capacity on certain routes.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>


Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Retail: Supermarkets Announced As Government’s Second Market Study

The Government has today launched a market study to ensure New Zealanders are paying a fair price for groceries. More>>


Statistics New Zealand: Retail Sales Recover In The September 2020 Quarter

Retail sales values recorded the largest September quarter rise since the series began in 1995, Stats NZ said today. Spending on major household items, vehicles, and groceries contributed to the strong 7.4 percent ($1.8 billion) rise in total ... More>>

Kea Aerospace: New Zealand Flies Into The Stratosphere

Development has started on a solar-powered, unmanned aircraft that can fly in the stratosphere continuously for months at a time. The zero-emission aircraft will carry a suite of imagery equipment that will be game-changing for many industries, vastly ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>