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

Support for kiwi, not moas, in Rimutaka

18 Jul 2014 News
The Government today announced a $70,000 Community Conservation Partnership Fund grant for the Rimutaka Forest Park Trust to ensure... more

Coleman to meet China’s top military officer

18 Jul 2014 News
New Zealand Government Coleman to meet China’s top military officer Defence Minister Jonathan Coleman will hold talks on Monday... more

Business

Moa boosts first quarter sales, expects higher margins

22 Jul 2014 Business News
Article - BusinessDesk   Moa boosts first quarter sales, expects higher margins to drive profits By Tina Morrison July 22 ... more

Hon. Steven Joyce: Better public services for businesses

21 Jul 2014 Business News
A single unique number for every business and a range of new services that reduce the need for businesses to provide the same ... more

Living

NZ Film 'The Dead Lands' to Have Toronto World Premiere

23 Jul 2014 Entertainment
New Zealand Film Commission New Zealand Film 'The Dead Lands' to Have Toronto World Premiere Maori action epic The Dead Lands will... more

Anti-mining campaign doco debuts at NZ Film Festival

22 Jul 2014 Entertainment
Playing at this year’s New Zealand International Film Festival, Cap Bocage is a close-up exploration of the forces that came... more

Property

NZ house sales fall in June, led by cheaper properties

14 Jul 2014 Property By Suze Metherell
July 14 (BusinessDesk) - New Zealand house sales fell in June from a year earlier, led by properties of $400,000 or less, indicating... more

Average Auckland house prices reach record level

10 Jul 2014 Property
The average asking price for a home in Auckland has reached the record level of 732 thousand, 240 dollars. The figure is provided by... more

Migration

UK Tier 1 visa extension deadline looming

11 Jul 2014 Migration
If you’re in the UK on a Tier 1 (General) visa, you’ll need to apply for an extension as soon as possible. The deadline... more

NZ more appealing to ex-pats - survey

10 Jul 2014 Migration
Auckland and Wellington have become more appealing to ex-pats in the past 12 months, a new survey has found. Both cities both dropped... more

Travel

100% Middle-Earth campaign wins prestigious travel award

17 Jul 2014 Travel & Tourism
Associate Tourism Minister Todd McClay has congratulated Tourism New Zealand on winning the Pacific Asia Travel Association’s... more

NZ guest nights at three-year high

10 Jul 2014 Travel & Tourism By Suze Metherell
July 10 (BusinessDesk) - New Zealand guest nights climbed to a three-year high in May as short term stays climbed across all... more

Sport

INSPIRATIONAL ADAMS NAMED FLAGBEARER

23 Jul 2014 Commonwealth Games
Reigning Olympic, Commonwealth and World Champion Valerie Adams has been named flag bearer for the New Zealand Commonwealth Games Team... more

NEW ZEALAND FLAG FLIES IN GLASGOW VILLAGE

23 Jul 2014 Commonwealth Games
The New Zealand team was officially welcomed to the XX Commonwealth Games in Glasgow earlier this week. The team enjoyed the official... more

Columns

7 highly effective habits to stay healthy at work

23 Jul 2014 Column By Tricia Alach
The holistic helper's guide to wellbeing and work: part eight Like all good reports, my Wellbeing and Work series comes with an... more

Gordon Campbell on the non-apology to Tania Billingsley, PM John Key

22 Jul 2014 Opinion By Gordon Campbell
  The refusal by Prime Minister John Key to issue a personal apology to Tania Billingsley has been accompanied by an array of... more

Kiwi Success

Hon.Judith Collins announces appointments to Public Trust Board

23 Jul 2014 Appointments
New Zealand Government Appointments to Public Trust Board   Justice Minister Judith Collins today announced the appointment of ... more

NZ Government Minister Foss announces commerce reappointments

23 Jul 2014 Appointments
Commerce Minister Craig Foss today announced four reappointments to various independent Crown entities and statutory... more

Recruitment

750 additional Trades Academy places for 2015

14 Jul 2014 Recruitment
New Zealand Government   Hon Steven Joyce Minister for Tertiary Education, Skills and Employment Hon Hekia Parata Minister of... more

Take a dip into global talent pool

9 Jul 2014 Recruitment
International candidates can bring added value, says recruitment specialist New Zealand's thriving economy has created a "unique... more