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

Historic move of New Zealand’s iconic documents

25 Apr 2017 News
24 AprilThree of New Zealand’s most precious constitutional documents were moved to a new location in a unique ceremonial... more

PM announces changes to ministerial portfolios

25 Apr 2017 Arts
24 April 2017Prime Minister Bill English today announced the appointment of Gerry Brownlee as Minister of Foreign Affairs, Nathan Guy... more

Business

McCully to Viet Nam to further Vietnamese partnership

25 Apr 2017 Business News
23 April 2017 Foreign Minister Murray McCully will travel to Ha Noi today to meet Vietnamese Deputy Prime Minister and Foreign... more

Positive step forward for pay equity

1 Mar 2017 Business News
28 Feb 2017 State Services Minister Paula Bennett has welcomed an agreement with unions which will see the Government’s new pay... more

Living

Spirit of “Mateship” prominent at London ANZAC commemorations

25 Apr 2017 ANZAC By Charlotte Everett
All photos copyright Peter Livingstone Photography. Lead image: HRH The Duke of York (far right), with the Hon Alexander Downer (far... more

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

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

Suspension of decision making authority

25 Apr 2017 Migration
24 April 2017Immigration Minister Michael Woodhouse is taking steps to improve Immigration New Zealand’s decision making... more

Recognised Seasonal Employers employ more Kiwis

8 Feb 2017 Migration
7 Feb 2017 Immigration Minister Michael Woodhouse welcomes a report showing the vast majority of employers who take on seasonal... more

Travel

eGate expansion project nears completion

25 Apr 2017 Travel & Tourism
21 April 2017Customs Minister Nicky Wagner today announced 15 new eGates are now fully operational at Auckland Airport arrivals,... more

New Zealand commits to Fiji border security

28 Mar 2017 Travel & Tourism
27 March 2017 Customs Minister Nicky Wagner is welcoming a commitment to help strengthen Fiji’s border security. New Zealand... more

Sport

World Masters Games 2017 commemorates Anzac Day

25 Apr 2017 Sport
25 April 2017An Anzac Day service at Queens Wharf and a star-studded New Zealand versus Australia exhibition basketball match will be... more

NZ Goverment welcomes World Masters Games

25 Apr 2017 Sport
21 April 2017Economic Development Minister Simon Bridges and Sport and Recreation Minister Jonathan Coleman have today welcomed the... 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

Spencer to be Acting Governor of Reserve Bank

8 Feb 2017 Appointments
7 Feb 2017 Finance Minister Steven Joyce will appoint current Deputy Reserve Bank Governor Grant Spencer as the Acting Governor of... more

Temporary Chairs appointed to Canterbury and South Canterbury DHB

1 Feb 2017 Appointments
30 January 2017 Health Minister Jonathan Coleman has today appointed temporary Chairs to the boards of Canterbury and South... more

Recruitment

New employment resource for young people

1 Mar 2017 Recruitment
28 Feb 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith and Associate Education Minister Louise Upston have... more

Record number of people in employment

1 Feb 2017 Recruitment
1 Feb 2017 Tertiary Education, Skills and Employment Minister Paul Goldsmith has welcomed the record number of New Zealanders now in... more

s