MARKET CLOSE: NZ shares gain; Fletcher, Telecom pace advance   15 Jun 2012

Article - BusinessDesk

MARKET CLOSE: NZ shares gain; Fletcher, Telecom pace advance

June 15 (BusinessDesk) - New Zealand shares rose, paced by the biggest companies on the bourse, Telecom and Fletcher Building, as investors were lured back to a market near a three-month low.

The NZX 50 Index rose 30.98 points, or 0.9 percent, to 3447.07. Within the index, 29 shares gained, 13 fell and eight were unchanged. Turnover was a greater-than-average $171.5 million, with about $100 million of that made up of Telecom, Fletcher and Contact Energy

"The last two days we have seen some bargain hunting coming into the market with blue chips stocks like Telecom and Fletcher," said Grant Williamson, director at Hamilton Hindin Greene.

Telecom, the biggest company on the bourse, rose 3 percent to $2.475. Fle3tcher, the nation’s biggest construction company, gained 2.3 percent to $6.29 and Contact, the biggest power company on the NZX 50, rose 1.9 percent to $4.78.

Shares in New Zealand’s largest retirement village operator, Ryman Healthcare rose 0.3 percent to 3.41, matching its record high set this month. The stock has gained 23 this year. In May the company rang in its tenth year of earnings growth as profit rose 17 percent to $84 million.

"It's one of the darlings of the market," Williamson said. "They have such constant growth in their yearly earnings and investors can't see that changing."

Shares in rival retirement village operator Summerset Group fell 0.6 percent to $1.66.

Trade Me the online auction site controlled by Fairfax Media, that went public in December fell 2.5 percent to $3.56. the stock has surged 24 percent this year.

"They have had a fantastic run - it's not really surprising that the price is taking a correction given the speed at which it went up at," Williamson said.

OceanaGold, which operates the Macraes gold field, fell 2.6 percent to $2.66 after rising 2.3 percent yesterday. The stock has seesawed along with the price of gold and the historically high New Zealand dollar.

Investment Research Group, the NZAX-listed financial advisory and media company, reported a wider full-year loss of $1.14 million in the 12 months ended March 31, from a loss of $1.02 million a year earlier on rising compliance costs and accounting adjustments. Shares in IRG last traded at 0.3 cents, valuing the company at $1.6 million, and have shed 50 percent of their value this year.

Independent News & Media, the Irish parent of Australasia’s APN News & Media, is delisting shares which haven’t traded on the NZX since Sept. 28 2007 for $5.30. INM will continue to list on the Dublin and London stock exchanges. The NZX delisting is effective from June 22.

(BusinessDesk)

Add a comment

Bookmark and Share

News

Museum of Waitangi set to become a national and visitor Icon

5 Feb 2016 News
05 February 2016 Museum of Waitangi set to become a national and visitor Icon The new Museum of Waitangi, opened today by the... more

ETS Review modelling documents released

5 Feb 2016 Environment
5 February 2016 ETS Review modelling documents released Three technical documents are being released to help New Zealanders engage... more

Business

NZ wool prices slip on higher kiwi, reduced China demand

5 Feb 2016 Business News By Tina Morrison
Article - BusinessDesk   NZ wool prices slip on higher kiwi dollar, reduced demand from China By Tina Morrison Feb. 5 ... more

NZ directors more aware of risk, focus on cyber security

5 Feb 2016 Business News By Sophie Boot
Article - BusinessDesk   NZ directors more aware of risk, focus on cyber security   Feb. 5 (BusinessDesk) - Directors of... more

Living

Does what it means to be a Kiwi depend on where you live?

5 Feb 2016 Lifestyle
  4 February 2016What it is to be a Kiwi may depend of where you live – Auckland or elsewhere in New Zealand – with... more

2015: The Year of the Blockbuster

21 Jan 2016 Entertainment
Motion Pictures Distributors' Association   January 21, 2016 2015: The Year of the Blockbuster For the second year in a row the ... more

Property

Auckland house sales volumes jump to 8-year high in January

4 Feb 2016 Property By Tina Morrison
  Auckland's house sales volumes jump to 8-year high in January, Barfoot says Feb. 4 (BusinessDesk) - Auckland residential... more

Auckland house prices little changed in December

6 Jan 2016 Property By Sophie Boot
Article - BusinessDesk   Auckland house prices little changed in December as sales volumes, listings drop Jan. 6 (BusinessDesk)... more

Migration

More than 27,000 new Kiwis in 2015

5 Feb 2016 Migration
  This Waitangi Day, New Zealand will roll out the welcome mat to 24 new citizens at Government House, and acknowledge over... more

NZ net migrants reach all-time high 63,700 in boom November

21 Dec 2015 Migration
Article - Businesswire   NZ net migrants reach all-time high 63,700 in boom November year for travel By Jonathan Underhill Dec. ... more

Travel

More than 100,000 SmartGate users in one week

22 Jan 2016 Travel & Tourism
New Zealand Government Hon Nicky WagnerMinister of Customs 22 January 2016 More than 100,000 SmartGate users in one week Customs ... more

Wellington ratepayers to pay $8mln for Canberra flights

21 Jan 2016 Travel & Tourism By Pattrick Smellie
Wellington ratepayers to pay $8mln over 10 years for Canberra flights Jan. 21 (BusinessDesk) - Wellington City Council is... more

Sport

Global Racing Teams Attracted to Godzone’s Fifth Chapter

5 Feb 2016 Multisport
70 teams from 11 nations will come together in Kaiteriteri, Tasman this April for the fifth chapter of New Zealand’s premier ... more

Rob Nicol joins Mondiale Aces squad

22 Jan 2016 Cricket
Auckland Cricket Friday, 22 January 2016 Rob Nicol joins Mondiale Aces squad for Ford Trophy Qualifying Final The Mondiale Auckland... more

Columns

Gordon Campbell on Paula Bennett’s fantasy politics and Iran's election

22 Jan 2016 Opinion By Gordon Campbell
We seem to be living in an era of virtual government, where governments promote only an illusion of policy kapow! rather than the... more

Gordon Campbell on the Dotcom extradition decision

24 Dec 2015 Opinion
Column - Gordon Campbell   Gordon Campbell on the Dotcom extradition decision Inevitably – and with justification –... more

Kiwi Success

Appointment of GCSB Acting Director

5 Feb 2016 Appointments
New Zealand Government Hon Christopher Finlayson5 February 2016 GCSB Chief Legal Advisor Lisa Fong will become the Acting Director... more

Heading to Europe And the Olympics of Architecture

22 Jan 2016 Flying Kiwi*
Warren and Mahoney Heading to Europe And the Olympics of Architecture Architectural graduate Antonia Lapwood has been awarded the... more

Recruitment

Addressing skills shortages in dairy farming

11 Dec 2015 Recruitment
    11 December 2015 Minister for Tertiary Education, Skills and Employment Steven Joyce and Minister for Social... more

Alignment of NZ and Australian qualifications frameworks

4 Dec 2015 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment 4 December 2015 Tertiary Education,... more