MARKET CLOSE: NZ shares gain; Chorus, Telecom lead NZX 50 14 Jun 2012
- NZ dollar drops to 5-wk low vs. pound after upbeat UK employment report Business
- MARKET CLOSE NZ shares up, Genesis debut sparks energy rally Business
- Supreme Court decision protects ‘outstanding landscapes' Business
- NZ dollar heads for 0.8% weekly fall before RBNZ rate review Business
- Air NZ says claims withdrawn as other airlines settle in Oz Business
- AMP Capital selling kiwi dollar in expectation of decline Business
- BNZ’s new CEO Healy expects benefit from expanding economy Business
- Genesis Energy soars on debut, other gen-taliers rise Business
- ‘Chipper’ kiwis push up consumer confidence in April Business
- Genesis shares stag 17% at listing, first trade at $1.81 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.
17 Apr 2014 News
New Zealand Government 15,000 fewer people dependent on benefits Social Development Minister Paula Bennett says the latest benefit ... more
16 Apr 2014 News
Science and Innovation Minister Steven Joyce and Food Safety Minister Nikki Kaye today announced that expressions of interest... more
17 Apr 2014 Business News
Article - BusinessDesk Air New Zealand says claims withdrawn as other airlines settle over cargo cartel, seeks costs April 17 ... more
17 Apr 2014 Business News
Genesis Energy soars on debut, leading fellow energy companies higher April 17 (BusinessDesk) – Shares in the partially... more
17 Apr 2014 Entertainment
The winner of the fourth annual Taite Music Prize 2013 is Lorde for her album ‘Pure Heroine’ released on Universal Music... more
15 Apr 2014 Lifestyle
New Zealand movie ‘3 Mile Limit’ has won Best Feature Film at both the North Hollywood and Charleston International Film... more
7 Apr 2014 Property
April 7 (BusinessDesk) – New Zealand property values increased at the slowest annual pace in six months in March as lower... more
28 Mar 2014 Migration
Citizens of Croatia aged between 18 and 30 will soon be eligible to apply for a New Zealand Working Holiday Visa, giving them the... more
16 Apr 2014 Travel & Tourism
Company linked to one of China’s richest women to spend $200 mln on Auckland hotel April 16 (BusinessDesk) – Fu... more
17 Apr 2014 Rugby
New Zealand No 10 is loving his sabbatical, including a trip to the Masters, however his only motive is to return fit and fresh for... more
17 Apr 2014 Sport
TOP SEEDS CONTINUE MARCH TO QUARTER FINALS AT SKYCITY NZ BADMINTON OPEN Top seeds dominated in this morning’s 3rd round... more
17 Apr 2014 Opinion
Reportedly, US drone operators refer to their kills as "bug splat” - mainly because when the carnage is viewed on their... more
16 Apr 2014 Opinion
With the death of Sir Owen Woodhouse, the founding father of the Accident Compensation Scheme, New Zealand has lost one of the... more
17 Apr 2014 Appointments
April 17 (BusinessDesk) – Bank of New Zealand, the local unit of Australia’s third-biggest mortgage lender, named the... more
15 Apr 2014 Recruitment
The average annual wage is expected to increase by $7,500 to around $62,200 a year by 2018 if New Zealand achieves its ... more