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

NZ Music Icon Ray Columbus Passes Away

3 Dec 2016 Arts
60s New Zealand music Icon Ray Columbus has passed away peacefully at his home north of Auckland today after a four year battle with... more

Adams wishes Netsafe well for new Harmful Digital Communications role

21 Nov 2016 News
New Zealand Government Hon Amy Adams Minister of Justice 21 November 2016 Justice Minister Amy Adams has wished Netsafe well as it ... more

Business

Key crowns APEC summit with China free-trade upgrade

21 Nov 2016 Business News By Pattrick Smellie
Article - BusinessDesk Monday 21 November 2016 08:50 AM Key crowns APEC summit with China free-trade upgrade By Pattrick Smellie in ... more

Ports of Auckland does deal with KiwiRail

18 Nov 2016 Business News
Article - BusinessDesk Ports of Auckland does deal with KiwiRail as Centreport slapped with exclusion zone By Jonathan Underhill Nov.... more

Living

3rd Position, Louis Vuitton America’s Cup World Series

21 Nov 2016 Lifestyle
Emirates Team New Zealand EMIRATES TEAM NEW ZEALAND CLOSES IN 3rd POSITION THE LOUIS VUITTON AMERICA’S CUP WORLD SERIES more

Arts Foundation Award recipients for 2016

14 Nov 2016 Lifestyle
The Arts Foundation Next generation of internationally acclaimed talent among the Arts Foundation Award recipients for 2016Under ... more

Property

NZ house prices gain 11% in October

14 Nov 2016 Property
Article - BusinessDesk Monday 14 November 2016 10:28 AM NZ house prices gain 11% in October, driven by sales of higher value homes By... more

RBNZ sees pressures building in Auckland construction sector

11 Nov 2016 Property By Paul McBeth
Article - BusinessDesk Thursday 10 November 2016 04:04 PM RBNZ sees pressures building in Auckland construction sector By Paul ... more

Migration

Changes to Financial Markets Conduct Act impact UK pension transfers

1 Nov 2016 Migration
New Zealand Government Hon Paul GoldsmithMinister of Commerce and Consumer Affairs 1 November 2016 Changes to Financial Markets... more

NZ migration, tourism hits new highs in September

21 Oct 2016 Migration By Sophie Boot
Article - BusinessDesk Friday 21 October 2016 11:23 AM NZ migration, tourism hits new highs in September, driven by record... more

Travel

Air NZ teams up Ronan Keating, Julian Dennison for Christmas song

2 Dec 2016 Travel & Tourism
Air New Zealand has paired up with singer Ronan Keating and rising Kiwi actor Julian Dennison to rejig a Christmas classic. 'Summer... more

China tourism growth set to accelerate

31 Oct 2016 NZ Tourism By Tina Morrison
Article - BusinessDesk Monday 31 October 2016 11:05 AM China tourism growth set to accelerate with increased flights Oct. 31... more

Sport

Southern Hemisphere vs. Northern rugby

3 Dec 2016 Rugby

more

New Zealand Black Ferns Sevens claim top prize in Dubai

3 Dec 2016 Rugby
New Zealand's women claim top prize in DubaiAustralia and New Zealand played out yet another thrilling final in Dubai as the Black... more

Columns

Gordon Campbell on the Gareth Morgan crusade

11 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more

Gordon Campbell on the US election outcome

10 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the US election outcome more

Kiwi Success

Acting District Court Judge appointed

11 Nov 2016 Appointments
New Zealand Government Hon Christopher FinlaysonAttorney-General 11 November 2016 Acting District Court Judge appointed Wellington... more

Abby Foote appointed to TVNZ Board

1 Nov 2016 Appointments
New Zealand Government Hon Amy Adams Minister of Broadcasting 1 November 2016 Abby Foote appointed to TVNZ Board Broadcasting... more

Recruitment

Fisher Funds hunts for new head to replace founder

2 Nov 2016 Recruitment
Article - BusinessDesk Tuesday 01 November 2016 04:42 PM Fisher Funds hunts for new head to replace founder Carmel Fisher By Paul ... more

AWF Madison buys Absolute IT for $15.3mn

19 Oct 2016 Recruitment By Sophie Boot
Article - BusinessDesk Wednesday 19 October 2016 09:09 AM AWF Madison buys Absolute IT for $15.3mn, expanding further into white... more

s