Scoop has an Ethical Paywall
License needed for work use Register
Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search


Market Open: NZX 50 gains, ING Property rises

Market Open: NZX 50 gains, ING Property rises after sales

Dec. 11 – New Zealand stocks edged higher in mid-day trading, with ING Property Trust advancing after it reported property sales at close to their March book value to repay debt.

The NZX 50 Index rose 13.063, or 0.5%, to 2724.612 at 12:40 p.m. in Wellington. Within the index 23 stocks rose, 10 fell and 17 were unchanged. ING Property rose 3.1% to 67 cents and is up almost 7% in the past month, while the NZX 50 fell 3%. The trust has sold nine properties this year, for a total of NZ$74.2 million, or 92% of their book values as at March.

NZX Ltd., operator of the New Zealand stock exchange, rose 0.6% to NZ$5.50 after the Board of Bond Exchange of South Africa recommended shareholders accept the Johannesburg Stock Exchange offer of 125 rand per share. It rejected an earlier offer of 90 rand. NZX is the biggest shareholder in BESA, having acquired its 22% stake on Oct. 3 for 73.17 rand.

Cavalier Corp. jumped 16% to NZ$2.14, leading the index higher, though the volume was just 2,100, suggesting investors are having to pay up to bridge the spread between buy and sell orders in a thin market. The stock touched a record low NZ$1.80 on Dec. 9.

Nuplex Industries fell 0.7% to NZ$3.08 after a monthly survey showed manufacturing in New Zealand slumped last month. Manufacturing activity sank 7.9 points to a record low 35.4 in November, according to the Bank of New Zealand–Business NZ Performance of Manufacturing Index.

New Zealand Oil & Gas rose 1.6% to NZ$1.26 after crude oil for January delivery rose 2.4% to US$43.09 a barrel on the New York Mercantile Exchange, leading a rally in commodities.

Among other stocks, Tourism Holdings climbed 3% to 68 cents, Pumpkin Patch rose 2.9% to NZ$1.05 and Fletcher Building gained 1.8% to NZ$5.75.



Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
Top Scoops Headlines

Binoy Kampmark: Rot In The Australian Civil Service

There is no better example of Australia’s politicised public service than its Home Affairs Secretary, Mike Pezzullo. In most other countries, he would have been the ideal conspirator in a coup, a tittletattler in the ranks, and bound to brief against those he did not like. Give him a dagger, and he was bound to use it. More

Ramzy Baroud: The Palestinian Cause Belongs To The World

Once upon a time, the ‘Arab-Israeli Conflict’ was between Arabs & Israelis. Over the course of many years, however, it has been rebranded. The media is now telling us it is a ‘Hamas-Israeli Conflict.’ But what went wrong? Israel simply became too powerful. More


Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.