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

Prime Minister extends condolences to Canada

23 Oct 2014 News
Prime Minister John Key has expressed his deepest sympathies to those affected by this morning’s events in Canada. “The... more

Fighting cyber-crime one app at a time

22 Oct 2014 News
This summer Victoria University of Wellington will be home to four Singaporean students researching cyber threats. The students... more

Business

MARKET CLOSE: NZX 50 climbs to new record, led by RBD

23 Oct 2014 Business News By Suze Metherell
MARKET CLOSE: NZX 50 climbs to new record, Restaurant Brands gains on guidance Oct. 23 (BusinessDesk) - New Zealand shares rose to a... more

CarbonScape seeks $1.5M from crowd with 'green coke' offer

23 Oct 2014 Business News
Article - BusinessDesk   CarbonScape seeks $1.5 mln from crowd with 'green coke' offer By Suze Metherell Oct. 23 (BusinessDesk)... more

Living

WW100 - why did NZ fight? Was it for democracy or empire?

20 Oct 2014 ANZAC By Charlotte Everett
On Thursday 16 October, the NZ-UK Link Foundation held their Inaugural Annual Lecture at the University of London’s Senate... more

A major win for organic New Zealand wine in the European Union

16 Oct 2014 Food & Wine
New Zealand’s organic wine industry has scored a major export victory with the announcement that the European Commission... more

Property

Reform of RMA critical to reforming housing affordability

15 Oct 2014 Property
The Resource Management Act needs to explicitly recognise the importance of New Zealanders’ access to more affordable housing... more

National Property Market Analysis

15 Oct 2014 Property
Auckland and Christchurch have recovered from the winter lull that is traditional in real estate, with written sales up and average... more

Migration

Migrants filliing employment gaps

22 Oct 2014 Migration
A stream of migrants has helped plug some of the gaps in New Zealand's steady employment growth. New data reveals migration numbers... more

UK Government: Indefinite Leave to Remain made simple

30 Sep 2014 Migration
There are thousands of expats living in the UK who are aiming for permanent residency status and, eventually, a British passport. But... more

Travel

NZ guest nights flat in August as foreign stays taper off

10 Oct 2014 Travel & Tourism By Paul McBeth
  By Paul McBeth Oct. 10 (BusinessDesk) - New Zealand guest nights were largely flat in August from a month earlier as a gain... more

Business tourism industry applauds Key's vision

6 Oct 2014 NZ Tourism
Conventions & Incentives New Zealand (CINZ) is welcoming news that Prime Minister John Key is to retain his Tourism portfolio... more

Sport

2014 Four Nations: England, Australia, New Zealand and Samoa take centre stage on Saturday

23 Oct 2014 Rugby League
The 2014 Four Nations gets underway on Saturday with England vying with holders Australia, New Zealand and Samoa to take the honours... more

Community Netball Manager appointed to Welsh Netball

23 Oct 2014 Netball
Netball New Zealand Community Netball Manager appointed to Welsh Netball 23 October 2014 Trish Wilcox has been appointed as the... more

Columns

Gordon Campbell: tokenism of NZ‘s role against Islamic State

23 Oct 2014 Opinion By Gordon Campbell
Gordon Campbell on the tokenism of New Zealand‘s role against Islamic State Was John Key born lucky or what? Political... more

Gordon Campbell on New Zealand (again) in other peoples wars

16 Oct 2014 Opinion By Gordon Campbell
  Gordon Campbell on New Zealand getting involved (again) in other peoples wars Apparently, the Key government is still... more

Kiwi Success

Corban honoured by Institute of Directors

17 Oct 2014 Appointments
Institute Of Directors Local businessman Brian Corban was made a Distinguished Fellow of the Institute of Directors yesterday, in a... more

Kiwi Income Property reshuffles executive positions

13 Oct 2014 Appointments
Article - BusinessDesk   Kiwi Income Property reshuffles executive positions By Suze Metherell Oct. 13 (BusinessDesk) - Kiwi... more

Recruitment

Ngati Awa Cast Net Wide In Search For Commercial Leaders

9 Oct 2014 Recruitment
Te Runanga o Ngati Awa is widening its scope in the hunt for directors for the Whakatane based iwi authority’s commercial arm... more

NZ's top pay packet revealed: $4.1m

30 Sep 2014 Recruitment
With a total pay package worth $4.1 million, ANZ New Zealand's David Hisco is the top-paid boss in the Business Herald's executive pay... more