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

A summer ‘gift’ for your boatie

19 Dec 2014 News
Helping your friends and family stay safe on the water this holiday season is the gift that lasts a lifetime, Associate Transport... more

Consultation starts on ACC rates for free doctors’ visits

19 Dec 2014 News
Health Minister Jonathan Coleman and ACC Minister Nikki Kaye say consultation starts today on ACC support towards free kids’... more

Business

NZ business confidence eases in December, still buoyant

19 Dec 2014 Business News
By Paul McBeth Dec. 19 (BusinessDesk) - New Zealand business confidence slipped in December, while staying largely upbeat, as... more

Xero's former chief revenue officer moves to Trade Me

19 Dec 2014 Business News
Article - BusinessDesk   Stuart McLean moves to Trade Me as Xero ditches chief revenue role By Suze Metherell Dec. 19 ... more

Living

New access system for Te Urewera

19 Dec 2014 Lifestyle
‘Hunters from throughout NZ and especially the North Island, will welcome the start of the new access system for Te... more

Fanzones for Auckland’s non-stop summer

19 Dec 2014 Lifestyle
Auckland will turn on a range of free activities this non-stop summer, with the Dick Smith NRL Auckland Nines Festival and Fanzone,... more

Property

Affordable housing development agreement signed

18 Dec 2014 Property
The Government has signed a development agreement for the construction of 237 homes as part of its affordable housing project on an... more

NZ weekly rents rise 5.3% in November, upward trend slowing

15 Dec 2014 Property
By Paul McBeth Dec. 15 (BusinessDesk) - Median national housing rents rose at an annual pace of 5.3 percent in November, slowing... more

Migration

Immigration rises to a fresh annual record

19 Dec 2014 Migration
Immigration rises to a fresh record, fuelled by returning kiwis, Indian students By Suze Metherell Dec. 19 (BusinessDesk) - New... more

UK pension service Britannia 'pauses' TV ads on FMA warning

19 Dec 2014 Migration
By Suze Metherell Dec. 19 (BusinessDesk) - Britannia Financial Services, a UK pension transfer agency whose advertisements feature... more

Travel

Air New Zealand takes out win on World's Top Ten Airlines

18 Dec 2014 Travel & Tourism
AirlineRatings.com has announced along with its Airline Excellence Awards its Top Ten airlines for 2015. Heading the list is... more

Tourism Holdings lifts annual profit forecast to $17 million

18 Dec 2014 Travel & Tourism
By Suze Metherell Dec. 18 (BusinessDesk) - Tourism Holdings, the biggest campervan rental company in Australia and New Zealand, has... more

Sport

Top local athletes to compete at Colgate Games in Wellington

19 Dec 2014 Sport
The Colgate Games, New Zealand’s biggest annual children’s track and field athletics event, will be held in... more

Badminton Names Bulk of Junior Team for Oceania Champs

19 Dec 2014 Sport
For a number of New Zealand’s brightest young Badminton prospects Christmas and the New Year holiday period just got a little... more

Columns

Gordon Campbell on the Pakistan schoolchildren killings

18 Dec 2014 Column
by Gordon Campbell The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto... more

Gordon Campbell on income inequality, and Christmas songs

12 Dec 2014 Column
Article - Gordon Campbell   Gordon Campbell on income inequality, and yo ho ho Christmas songs by Gordon Campbell As 2014... more

Kiwi Success

DreamCatchers launched in UK

18 Dec 2014 People
In association with Kea, The New Zealand High Commission and The New Zealand Society, Dream Catchers was launched at New Zealand House... more

Inspiring Stories :Young Kiwis Making a Difference

8 Dec 2014 People
Wellington, December 8th – At only 15 years old, Auckland student Hunter Williams is the youngest winner of the Inspiring... more

Recruitment

Job ads trending down, says ANZ survey

19 Dec 2014 Recruitment
By Fiona Rotherham Total job advertising has taken an end-of-year dip, falling 0.1 per cent in November after seasonal adjustments,... more

Scheme to fill hard-to-staff health jobs working

18 Dec 2014 Recruitment
Health Minister Jonathan Coleman says a scheme to fill hard-to-staff health roles is making a real difference to the career choices... more