MARKET CLOSE: NZ shares gain; Chorus, Telecom lead NZX 50 14 Jun 2012
- BNZ annual earnings slip 3.4% on lower trading income Business
- Wellington Drive lifts 3rd-qtr sales 25% Business
- NZ dollar little changed before trade data Business
- NZ dollar drops to week-low vs. Aussie Business
- OIO looked at Fairfax track record before approving merger Business
- Spark executive Jolie Hodson sells down shares on-market Business
- Wynyard failure may halt lucrative relationship for Jade Business
- Comvita shares slump 11% as honey maker tips 1H loss Business
- MARKET CLOSE: NZ shares fall Business
- Fonterra suspends Jiawai distribution agreement Business
New Zealand shares rose, pushing the NZX 50 Index up 1 percent, led by gains in network company Chorus and Telecom and as some investors bet Sky City Entertainment Group will eventually get its convention hall-for-slots deal.
The NZX 50 rose 34.35 points, or 1 percent, to 3416.08. Within the index, 23 stocks gained, 15 fell and 12 were unchanged. Turnover was $113 million.
Shares rose after the Reserve Bank kept the official cash rate at a record low 2.5 percent and hinted that economic headwinds are sufficiently strong to keep interest rates lower for longer.
The MPS “was largely expected so I don’t think it’s had much effect on our market,” said Craig Brown, senior investment analyst at One Path New Zealand.
Shares in Sky City, the Auckland-based casino and hotel company, rose 1.8 percent to $3.41. The deputy auditor-general Phillippa Smith yesterday announced an investigation into a proposal to build a convention centre in Auckland in exchange for more pokie machines. The deal has been met with criticism from opposition parties.
“Sky City has indicated they have got the preferred status for the convention centre," Brown said. "They will just be going through the process so they can ensure they get what they need for shareholders."
OceanaGold, which operates the Macraes gold field, rose 2.3 percent to $2.73. The stock has seesawed along with the price of gold and the historically high New Zealand dollar.
“It’s not a deep market for the stock so it can bounce around – it doesn’t reflect anything coming out of the company,” Brown said.
Chorus, New Zealand's largest fixed line telecommunications network operator was the biggest gainer on the NZX 50, rose 4 percent to $3.15. That was followed by a 3 percent rise in Telecom, the biggest company on the NZX 50 Index at $2.40. The two companies demerged in November last year.
Goodmans Property Trust, which owns the Highbrook Business Park in Auckland, led the decline down 2.70 percent to 0.72 cents.
Guinness Peat Group rose 1.1 percent to 45.5 cents. The company is selling its stake in Young & Co brewery in an accelerated book build for a targeted 54.1 million pounds, according to a stock exchange notice in London, after the close of trading on the NZX.
Fisher & Paykel Healthcare, which gets more than 50 percent of its revenue in US dollars, rose about 3 percent to $2.07. Freightways gained 2.5 percent to $3.65 and Ryman healthcare rose 2.1 percent to $3.40.
NZ Farming Systems Uruguay, the South American dairy farmer controlled by Singapore’s Olam International, was unchanged at 54 cents and has fallen 17 percent this year. The company said today will miss its target to break even on a pretax basis this year after dry weather stunted pasture growth and milk output.
23 Oct 2016 News
New Zealand Government Hon Simon Bridges Minister of Energy and Resources 23 October 2016 Media Statement Bridges to attend... more
12 Oct 2016 News
New Zealand Government Hon Anne TolleyMinister for Social Development 12 October 2016 $4.2 million Community Finance boost to... more
18 Oct 2016 Business News
Article - BusinessDesk Tuesday 18 October 2016 11:00 AM NZ inflation slows to 0.2% pace in third quarter, beating estimates, as... more
18 Oct 2016 Lifestyle
818 Entertainment KIWIS GET FIRST PEEK AT THE ALL NEW BLONDINI GANG WITH RELEASE OF OFFICIAL PORK PIE TRAILER more
12 Oct 2016 Lifestyle
NZSO 12 October 2016 - NZSO media release for immediate release NZSO welcomes Dutch piano virtuoso Ronald Brautigam to NZ The NZSO... more
12 Oct 2016 Property
Article - BusinessDesk Wednesday 12 October 2016 08:19 AM Auckland development blowouts reminiscent of run up to GFC: KPMG's ... more
3 Aug 2016 Property
Wednesday 03 August 2016 10:30 AM Auckland house prices are stabilising, may have plateaued, Barfoot says Aug. 3 (BusinessDesk) -... more
21 Oct 2016 Migration
Article - BusinessDesk Friday 21 October 2016 11:23 AM NZ migration, tourism hits new highs in September, driven by record... more
11 Oct 2016 Migration
Article - BusinessDesk Tuesday 11 October 2016 03:13 PM UPDATE: Immigration policy tweaks capture senior executive migrants (Recasts ... more
12 Oct 2016 Travel & Tourism
Article - BusinessDesk Wednesday 12 October 2016 05:25 PM Air NZ sells remaining stake in Virgin Australia Oct. 12 (BusinessDesk) -... more
12 Oct 2016 NZ Tourism
12 October 2016 International visitor guest nights have risen by more than 13 per cent, and eleven of our twelve... more
24 Oct 2016 Rugby
The Black Ferns have continued their trans-Tasman superiority, crushing the Wallaroos 67-3 at Eden Park. In a dominant display the... more
24 Oct 2016 Rugby
New Zealand’s rugby community is mourning the loss of former All Black Wally Argus, who passed away this week in... more
18 Oct 2016 Opinion
Column - Gordon Campbell Gordon Campbell on plastic bag activism, and street harassment
11 Oct 2016 Opinion
Gordon Campbell on how the political centre is a mirage First published on Werewolf more
21 Oct 2016 Appointments
New Zealand GovernmentHon Steven Joyce Minister for Tertiary Education, Skills and Employment 21 October 2016 Appointments to... more
19 Oct 2016 Recruitment
Article - BusinessDesk Wednesday 19 October 2016 09:09 AM AWF Madison buys Absolute IT for $15.3mn, expanding further into white... more