Top Scoops

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


NZ stocks rise for a third day, Air NZ gains

MARKET CLOSE: NZ stocks rise for a third day, Air NZ gains

Dec. 18 – New Zealand stocks rose, nudging the NZX 50 Index higher for a third day, after the trade organization for airlines dismissed regulator allegations about cartel activity involving Air New Zealand.

The NZX 50 rose 11.661, or 0.4%, to 2707.591 at the 5 p.m. close of trading in Wellington. Within the index, 21 stocks fell, 19 rose and 10 were unchanged or untraded.

Air New Zealand jumped 5.8% to 91 cents after the carrier said it will vigorously defend charges filed by the Commerce Commission that it was one of 13 airlines involved in cartel activity involving air cargo and fuel surcharges. The International Air Transport Association said allegations of misconduct under its umbrella were “inaccurate and without merit.”

NZ Farming Systems Uruguay slumped 20% to 60 cents and 11% owner and manager PGG Wrightson tumbled 15% to NZ$1.30.

The developer of dairy farms in South America today said it may post a full-year loss of as much as US$11 million because of a sharp decline in international prices for milk. Wrightson yesterday said it would write down the value of its holding in NZ Farming Systems.

“There been some concern for a little while that South America isn’t the golden goose once thought, especially when you see what’s been happening to Fonterra’s milk prices,” said Alan Moore, who helps manager NZ$250 million at Milford Asset Management.

Michael Hill International led a decline by some retailers after a bank survey showed retailers’ confidence sunk to a record low this month, typically the start of their peak sales season. The jeweller dropped 6.5% to 58 cents. Hallenstein Glasson fell 0.4% to NZ$2.27 after the clothing chain told shareholders that sales in the period from August 2 to Dec. 14 are 4% down on a year earlier and profit margins have contracted.

Stocked edged higher across Asia amid speculation the region’s central banks may be spurred into action in cutting interest rates after the Federal Reserve’s unprecedented reduction. In Japan, the Nikkei 225 Index rose 0.6% to 8665.1 in early afternoon trading. In Sydney, the S&P/ASX 200 Index at 3570.8. Qantas Airways rose 7.5% to A$2.43 as prices for jet fuel declined.

New Zealand Oil and Gas, which has been building a strategic stake in Pan Pacific Petroleum to gain more exposure to the Tui oil field, rose 1 cent to NZ$1.33. Pan Pacific was unchanged at 35 cents.



© Scoop Media

Top Scoops Headlines


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>>

Keith Rankin: Liberal Democracy In The New Neonationalist Era: The Three 'O's
The proposed ‘New Zealand Income Insurance Scheme’ (‘the scheme’) has attracted strong debate among the more left-wing and liberal groupings, within New Zealand-Aotearoa. This debate should be seen as a positive rather than negative tension because of the opportunity to consider and learn from the implications and sharpen advocacy... More>>

Dunne Speaks: Words Matter, Prime Minister
Words matter, especially when uttered by politicians. History is littered with examples of careless or injudicious words uttered by politicians coming back to haunt them, often at the most awkward of times. During the 1987 election campaign, when electoral reform was a hot issue, Prime Minister David Lange promised to have a referendum on the electoral system... 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>>