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

Budget to invest $244 million in schools

14 Apr 2015 Education
Education Minister Hekia Parata and Associate Education Minister Nikki Kaye say next month’s Budget will provide $244 million... more

Prince Harry to visit centres across New Zealand

13 Apr 2015 News
Prime Minister Rt Hon John Key released today further details on Prince Harry’s visit to New Zealand in May. “Prince... more

Business

World Bank says sharp slowdown in China would hurt NZ, Australia

14 Apr 2015 Business News By Tina Morrison
April 14 (BusinessDesk) - A sharp slowdown in China would hurt commodity exporting countries like New Zealand and Australia and... more

Cubic Defence NZ targets corporate, military sales

13 Apr 2015 Business News By Fiona Rotherham
  Cubic Defence NZ targets corporate along with military and security customers April 10 (BusinessDesk) - High-tech exporter... more

Living

ANZAC to be commemorated in UK - with massive waiata

13 Apr 2015 ANZAC
Thousands of Australians, New Zealanders and Britons will gather in London on 25 April 2015 to mark the Centenary of the ANZAC... more

Gordon Campbell on the demise of Campbell Live

10 Apr 2015 Entertainment
  The imminent axeing of Campbell Live has been the inevitable outcome of a mindset which considers only (a) declining ratings... more

Property

NZ house prices rise 8% in March, led by 13% Auckland jump

14 Apr 2015 Property By Tina Morrison
April 14 (BusinessDesk) - New Zealand residential property prices rose in March, led by Auckland where housing supply isn't meeting... more

NZ property values rise at fastest pace in 9 months in March: QV

1 Apr 2015 Property By Suze Metherell
  NZ property values rise at fastest pace in 9 months in March: QV April 1 (BusinessDesk) - New Zealand residential property... more

Migration

PM plays down claim war criminals are living in NZ

2 Mar 2015 Migration
Prime Minister John Key says he is not aware of any suspected war criminals from the former Yugoslavia in New Zealand. The claim that... more

NZ migration rose to record in 2014

30 Jan 2015 Migration By Tina Morrison
  NZ migration surged to record in 2014, helped by robust economy Jan. 30 (BusinessDesk) - New Zealand migration surged to a... more

Travel

Foss welcomes agreement for rental vehicle code

17 Mar 2015 Travel & Tourism
Associate Transport Minister Craig Foss is welcoming a move by the rental vehicle industry to establish a Code of Best Practice to... more

Productive discussions on Queenstown’s tourism workforce

6 Mar 2015 Travel & Tourism
Sustainable workforce solutions were at the centre of discussions between Government Ministers and tourism industry representatives... more

Sport

Black Sticks win Sultan Azlan Shah Cup

13 Apr 2015 Sport
The Black Sticks Men have won the 2015 Sultan Azlan Shah Cup in thrilling style with a 3-1 shoot-out victory over Australia. The... more

Oxford-Cambridge Boat Race 2015: Kiwi bros part of Oxford victory

13 Apr 2015 Sport
Two New Zealand brothers helped the Oxford University rowers win over their Cambridge counterparts in the annual boat race on London's... more

Columns

Gordon Campbell on UE pass rates & university dropout rates

14 Apr 2015 Opinion
Houston, there is clearly a problem with (a) the plunge in pass rates for University Entrance qualifications, which has been ... more

Gordon Campbell on a union victory in the fast food industry

9 Apr 2015 Opinion By Gordon Campbell
  Gordon Campbell on a union victory in the fast food industry Good to have a reminder of why trade unions are still essential... more

Kiwi Success

Smiths City names 'turnaround specialist' Roy Campbell CEO

14 Apr 2015 Appointments
April 14 (BusinessDesk) - Smiths City Group, the Christchurch-based retail chain, named Roy Campbell as chief executive, replacing... more

Appointments to Lotteries Commission

8 Apr 2015 Appointments
  Internal Affairs Minister Peter Dunne today announced the reappointment of Judy Kirk as the Presiding Member (Chair) of the... more

Recruitment

NZ Government moves to strengthen employment standards

26 Mar 2015 Recruitment
Workplace Relations and Safety Minister Michael Woodhouse today announced a package of measures to strengthen enforcement of minimum... more

RESEND: 63% of Warehouse permanent staff now on career wage

20 Mar 2015 Recruitment By Fiona Rotherham
  RESEND: Warehouse says 63% of permanent staff now on 'career retailer wage' (Fixes fourth paragraph to show Warehouse is... more