Top Scoops

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

 

MARKET CLOSE: NZX 50 slips

MARKET CLOSE: NZX 50 slips, Tourism Holdings, Nuplex Fall

Dec. 15 – New Zealand’s NZX 50 Index edged lower after reports showing weaker manufacturing and service industries helped drive down Nuplex Industries and Tourism Holdings.

The NZX 50 fell 0.52, or 0.02%, to 2676.43 at the 5 p.m. lose of trading in Wellington. Within the index 25 stocks fell, 14 rose and 11 were unchanged or untraded. Tourism Holdings, which depends on an influx of overseas visitors for sales, fell 6.3% to a record-low 60 cents, bringing its slide this year to 73%.

“The tumble in inbound visitor numbers is entirely symptomatic of the parlous state of the global economy, which we believe is casting a much darker shadow than many currently acknowledge,” said Mark Walton, markets economist at Bank of New Zealand. Tourist flows fell 3% year-on-year in October and November’s figures, due Friday may be “horrid,” he said.

Nuplex declined 6.7% to NZ$2.80 after government figures today showed manufacturing sales volumes fell to a five-year low in the third quarter. The figures follow the Performance of Manufacturing Index last week that showed manufacturing sank to a record low last month.

Cavalier Corp. fell 0.5% to NZ$1.99 after announcing plans to rationalise over-capacity in the wool scouring industry with partner David Ferrier. The move follows a drop in the national sheep flock, which has reduced available wool.

Hellaby Holdings fell 4% to NZ$1.18, adding to its 15% slump on Friday, when the company said pretax earnings may fall as much as 26% this year on weakening demand for auto-parts, construction equipment and shrinking margins on shoes.

Ryman Healthcare rose 2.1% to NZ$1.47. The rest home operator said in its first-half report that it expects "realised profits to be as good, if not slightly better, in the second half."

New Zealand Oil & Gas rose 4% to NZ$1.29 as the prospect of big production cuts by OPEC drove up the price of oil. Crude oil January delivery rose as much as 2.9% to US$47.64 a barrel on the New York Mercantile Exchange.

ANZ Banking Group climbed 4.4% to NZ$18 and Westpac Banking Corp. rose 4.2% to NZ$20, leading the NZX 50 higher. The banking stocks followed their Australia shares higher as lenders rushed to sell government guaranteed bonds to bolster their balance sheets. Australian banks are raising more than A$9 billion of bonds this week.

In Sydney today, the S&P/ASX 200 Index rose 2.3% to 3591.4. BHP Billiton rose 7.2% to A$30.90 on optimism metals prices will rebound. Telstra tumbled 12% to A$3.65 after Australia's largest phone company said the government panel had rejected its plan for a national high-speed broadband network.

Japan’s Nikkei 225 Index was 5% higher at 8648.15 in early afternoon trading as speculation the U.S. will devise a rescue for its automakers helped lift shares of Honda Motor.

(Businesswire)

ENDS

© Scoop Media

 
 
 
Top Scoops Headlines

 

Keith Rankin: Narrow Vision: Subsidised Cars And Street Immunity
Problems make the world go round. Many of us – maybe the majority of workers, and certainly the majority of well-paid workers – earn our living addressing problems. A problem-free world would represent a major crisis for modern social-capitalism. (Yet standard economic theory continues to present the productive economy as a mechanism for 'satisfying wants', as distinct from 'addressing problems... More>>


Biden In Tokyo: Killing Strategic Ambiguity
Could it have been just another case of bumbling poor judgment, the mind softened as the mouth opened? A question was put to US President Joe Biden, visiting Tokyo and standing beside Japan’s Prime Minister Fumio Kishida: “You didn’t want to get involved in the Ukraine conflict militarily for obvious reasons. Are you willing to get involved militarily to defend Taiwan if it comes to that?” The answer: “Yes. That’s a commitment we made.”.. More>>

Dunne Speaks: Robertson's Budget Gamble On Treasury
The popular test of the success or failure of Grant Robertson’s fifth Budget will be its impact on the soaring cost of living. In today’s climate little else matters. Because governments come and governments go – about every six to seven years on average since 1945 – getting too focused on their long-term fiscal aspirations is often pointless... More>>


Digitl: Infrastructure Commission wants digital strategy
Earlier this month Te Waihanga, New Zealand’s infrastructure commission, tabled its first Infrastructure Strategy: Rautaki Hanganga o Aotearoa. Te Waihanga describes its document as a road map for a thriving New Zealand... More>>


Binoy Kampmark: Leaking For Roe V Wade
The US Supreme Court Chief Justice was furious. For the first time in history, the raw judicial process of one of the most powerful, and opaque arms of government, had been exposed via media – at least in preliminary form. It resembled, in no negligible way, the publication by WikiLeaks of various drafts of the Trans-Pacific Partnership... More>>




The Conversation: Cheaper food comes with other costs – why cutting GST isn't the answer

As New Zealand considers the removal of the goods and services tax (GST) from food to reduce costs for low income households, advocates need to consider the impact cheap food has on the environment and whether there are better options to help struggling families... More>>