MARKET CLOSE: NZ shares edge up; Steel & Tube, Fletcher gain   11 Jun 2012

Article - BusinessDesk

MARKET CLOSE: NZ shares edge up in subdued trading; Steel & Tube, Fletcher rise

June 11 (BusinessDesk) - New Zealand shares rose in a session where an Australian holiday kept trading subdued. Steel & Tube led the advance of companies exposed to the building industry after Europe's bailout of Spain's banks stoked optimism global growth won't be derailed.

The NZX 50 Index rose 4.77 points, or 0.1 percent, to 3454.24. Within the index, 17 stocks rose, 17 fell and 16 were unchanged. Turnover was $41.6 million, less than half the recent average daily turnover.

Equity markets rallied across Asia after Spain secured a regional bailout for its banks. Japan's Nikkei 225 Index was up 1.9 percent in afternoon trading and Hong Kong's Hang Seng rose 2.1 percent.

Steel & Tube, which sells steel construction materials, rose 2.8 percent to $2.17. Cavalier, the nation's only listed carpet maker, gained 2.5 percent to $1.62 and Fletcher, the biggest construction company on the bourse, rose 2.3 percent to $6.35.

“I thought it would have been more positive today with the Spanish banks getting some money – it has still been reasonably muted so maybe we will play catch up tomorrow when the Australian market opens,” said Mark Lister, head of private wealth research at Craigs Investment Partners.

Skellerup Holdings, which makes rubber goods and milking equipment, rose 1.5 percent to $1.40 after the company said chief financial officer Guy Keogh will take a new role in its Agri division as manager in charge of dairy International, dairy local and footwear. He will continue as acting CFO until a replacement is found.

Vector, the Auckland gas, electricity and telecommunications networks owner, fell 1.1 percent to $2.63 after announcing it had extended its firmly contracted gas, with 5 petajoules of annual gas contracts signed with three new contracts with Fonterra Cooperative Group, New Zealand Steel, and power company MightyRiverPower.

Air New Zealand was unchanged at 86.5 cents after chief executive Rob Fyfe was reported by news media to have said the company is on target to meet a $110 million profit improvement from its international network. Fyfe was speaking at the International Air Transport Association meeting in Beijing.

OceanaGold, the operator of the Macraes gold field, was the biggest decliner on the NZX 50, falling 4.3 percent to $2.70.

“Gold hasn’t been doing as well as you might expect it to, with Spain, Greece and Portugal you’d expect it to be doing better,” Lister said.

Spot gold was last at US$1,599.56 an ounce, down from as much as US$1,789.40 an ounce in late February.

PGG Wrightson, the nation's biggest rural services company, declined 3.2 percent to 30 cents after a government report said the biggest risk to its forecasts for export sales growth in the next four years was a stubbornly high kiwi dollar.

Contact Energy, the biggest power company on the bourse, rose 0.6 percent to $4.73. Telecom, the largest company on the NZX 50, fell 0.2 percent to $2.43.

Sanford, the fishing company, rose 1.8 percent to $3.90. Property for Industry declined 3.4 percent to $1.14.

(BusinessDesk)

Add a comment

Bookmark and Share

News

NZ provides further aid to Iraq

28 Aug 2014 News
New Zealand Government NZ provides further aid to Iraq Foreign Minister Murray McCully today announced that New Zealand will provide ... more

Excellence and impact for top quality research

28 Aug 2014 News
University of Auckland Excellence and impact for top quality research *Interviews:This was a University of Auckland seminar, but the... more

Business

Christchurch property investor wins policy appeal in Supreme Court

27 Aug 2014 Business News
Article - BusinessDesk   Christchurch property investor Ridgecrest wins IAG policy appeal in Supreme Court By Jonathan ... more

Time to rethink India's IT reputation, delegation says

26 Aug 2014 Business News By Pattrick Smellie
Article - BusinessDesk   Time to rethink India's IT reputation, says visiting delegation Aug. 26 (BusinessDesk) - India's... more

Living

Entries open The Hobbit Fan Fellowship Contest

26 Aug 2014 Lifestyle
Air New Zealand Air New Zealand invites Hobbit fans to enter The Hobbit Fan Fellowship Contest for a chance to win a ... more

MTV VMAs 2014: Lorde wins Best Rock Video over actual rock bands

25 Aug 2014 Environment
Singer Lorde shows off her Moonman trophy for Best Rock Video for ‘Royals.’ Lorde, have mercy. The New Zealand pop star... more

Property

House sales down as winter cools market - REINZ

14 Aug 2014 Property
New Zealand house sales fell in July as winter cooled the appetite of house hunters while a drop in properties selling for $400,000... more

NZ property values rise at slowest annual pace in 13 months

7 Aug 2014 Property By Paul McBeth
Aug. 7 (BusinessDesk) - New Zealand property values rose at the slowest annual pace in 13 months in July as rising interest rates,... more

Migration

Who's living next door to you?

20 Aug 2014 Migration
Statistics NZ puts out detailed data on different ethnic groups, down to the 108 people from the Isle of Man. Did you know there are... more

NZ population growth speeds up

14 Aug 2014 Migration
New Zealand's climb to 4.5 million people has been faster in the past year than it has in any other year in the past decade,... more

Travel

Jetstar loses ground in NZ as Qantas plunges to A$2.84B loss

28 Aug 2014 Travel & Tourism By Paul McBeth
Aug. 28 (BusinessDesk) - Jetstar, the discount unit of Australian airline Qantas Airways, lost ground in New Zealand, while claiming... more

Auckland 10th most liveable city - again

19 Aug 2014 Travel & Tourism
Auckland has again been ranked the tenth most liveable city in the world. The Economist Intelligence Unit (EIU) has released its... more

Sport

NZ Triathlon: Three Kiwi Aquathlon Golds in Edmonton

28 Aug 2014 Multisport
New Zealand has their Edmonton World Championship campaign underway with the perfect three from three gold medals in the elite... more

Dion Snell takes top prize at Auckland Rugby League Awards

28 Aug 2014 Sport
Howick Hornets second-rower Dion Snell has capped off a breakthrough year by being named 2014 Appliance Shed Fox Memorial Lion Red... more

Columns

Gordon Campbell on Peters’ latest bout of immigrant bashing

28 Aug 2014 Column By Gordon Campbell
  Gordon Campbell on Winston Peters’ latest bout of immigrant bashing, and Bob Dylan in the basement (again) So in the... more

NZ’s UN Security Council bid hangs by a nuclear thread

27 Aug 2014 Opinion By Bob Rigg
On 16 June the International Atomic Energy Agency (IAEA) in Vienna circulated a request backed by 18 members of the Arab League... more

Kiwi Success

The duo behind NZ's hottest new label

20 Aug 2014 People
We're expecting big things from Harman Grubisa, the new label from Auckland-based friends Madeleine Harman (right) and Jessica... more

Victoria announces new strategic appointments

11 Aug 2014 Appointments
Victoria University of Wellington has announced the appointment of New Zealand’s first Provost, Professor Neil... more

Recruitment

High dollar, hands-off Govt sends workers to dole queue

22 Aug 2014 Recruitment
The loss of up to 100 jobs at Croxley stationery in Auckland is devastating news for their families and the local Avondale... more

On track to surplus, more jobs, higher incomes

19 Aug 2014 Recruitment
New Zealand is on track to Budget surplus this year, backed by good growth, more jobs and higher incomes under the ... more