MARKET CLOSE: NZ shares gain; Fletcher, Telecom pace advance 15 Jun 2012
- NZD falls - Yellen may dent kiwi-yield story Business
- Seabed ironsands miner TransTasman tries again Business
- Mobile health startup Vigil changes name Business
- Metro Glass sees 'marked improvement' in 2017 Business
- Qantas Airways resumes dividends after 7 years Business
- Ngatata Love laments misplaced trust in Shaan Stevens Business
- NZ trade deficit narrows in July from year earlier Business
- NZOG resumes dividend after costs clamp-down Business
- Vector posts 4.7% gain in adjusted full-year earnings Business
- Wynyard halves 2016 guidance Business
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.
16 Aug 2016 News
New Zealand Government Hon Todd McClayMinister of Trade 16 August 2016 Media Statement NZ exporters to UK asked about Brexit... more
15 Aug 2016 News
New Zealand Government Hon Dr Nick Smith Minister for the Environment 15 August 2016 Auckland Council’s passing of... more
11 Aug 2016 Business News
Article - BusinessDesk ANZ, Westpac limit mortgage rate cuts, but Kiwibank goes all in By Edwin Mitson Aug. 11 (BusinessDesk) - Two... more
11 Aug 2016 Business News
Article - BusinessDesk Thursday 11 August 2016 10:06 AM RBNZ's Wheeler juggles strong kiwi, tepid inflation expectations in future... more
18 Jul 2016 Lifestyle
The Outlook for Someday Young New Zealanders Making Films For Good What does sustainability mean to you? Since 2007 The Outlook for... 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
2 Aug 2016 Property
Article - BusinessDesk NZ home values rise at fastest quarterly pace in 12 years By Tina Morrison Aug. 2 (BusinessDesk) - New... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
10 Aug 2016 Travel & Tourism
Article - BusinessDesk Wednesday 10 August 2016 12:19 PM Aug. 10 (BusinessDesk) - New Zealand accommodation providers had their... more
16 Aug 2016 Rugby
The All Blacks squad to travel to Sydney for the opening Bledisloe Cup match of the Investec Rugby Championship is listed below.Prop... more
16 Aug 2016 Sailing
Tuesday 16 August 2016Tuke and Burling go further aheadOnly the 49ers got out on the Olympic sailing course today. Initially there was... more
11 Aug 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Impotence of the Reserve Bank First published on Werewolf more
3 Aug 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Bain compensation case First published on Werewolf more
12 Aug 2016 Appointments
New Zealand Government Hon Hekia ParataMinister of Education 12 August 2016 Appointments to New Zealand National Commission for... more
10 Aug 2016 Appointments
Rugby League World Cup Wednesday 10 August 2016 Respected and experienced Rugby League administrator, Andrew Hill, has been appointed... more
3 Aug 2016 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment 3 August 2016 Jobs growth continues... more
3 Aug 2016 State of the Market Report
Wednesday 03 August 2016 11:57 AM NZ private sector wage inflation misses expectations in June quarter Aug. 3 (BusinessDesk) - New... more