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

Minister welcomes Baghdad appointment

25 Aug 2016 News
New Zealand Government Hon Gerry BrownleeMinister of Defence 25 August 2016 Minister welcomes Baghdad appointment Defence Minister... more

NZ exporters to UK asked about Brexit impact

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

Business

Auckland Council debt rises 4.1% to $7.6 billion

29 Aug 2016 Business News
Article - BusinessDesk Monday 29 August 2016 03:47 PM Auckland Council debt rises 4.1% to $7.6 billion on infrastructure spending By... more

NZ trade deficit narrows in July from year earlier

24 Aug 2016 Business News
Article - BusinessDesk NZ trade deficit narrows in July from year earlier as imports fall faster than exports By Jonathan ... more

Living

Young New Zealanders Making Films For Good

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

Review: NZ's Pitch Black - live in London

8 Jul 2016 Entertainment By Charlotte Everett
20 years after their debut at The Gathering, Pitch Black have satiated a packed venue of fans at London’s Oslo, in... more

Property

Auckland house prices are stabilising Barfoot says

3 Aug 2016 Property By Sophie Boot
Wednesday 03 August 2016 10:30 AM Auckland house prices are stabilising, may have plateaued, Barfoot says Aug. 3 (BusinessDesk) -... more

NZ home values rise at fastest quarterly pace in 12 years

2 Aug 2016 Property By Tina Morrison
Article - BusinessDesk NZ home values rise at fastest quarterly pace in 12 years By Tina Morrison Aug. 2 (BusinessDesk) - New... more

Migration

Kiwis could be affected by tighter UK rules

30 Mar 2016 Migration By Audrey Young
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more

Immigrants' attitudes to corruption worries SFO

17 Feb 2016 Migration By Sophie Boot
Feb. 17 (BusinessDesk) - New Zealand's record inbound migration has undermined the country's squeaky-clean reputation because of an... more

Travel

Newer, faster and simpler eGates for Wellington

25 Aug 2016 Travel & Tourism
New Zealand Government   Hon Wagner using the new eGates at Wellington Airport.... more

NZ guest nights jump to a record in June amid tourism boom

10 Aug 2016 Travel & Tourism By Tina Morrison
Article - BusinessDesk Wednesday 10 August 2016 12:19 PM Aug. 10 (BusinessDesk) - New Zealand accommodation providers had their... more

Sport

World Rugby appoints RWC 2019 General Manager

25 Aug 2016 Rugby
With just over three years to go before Rugby World Cup 2019 in Japan, World Rugby has appointed Rob Abernethy as RWC 2019 General... more

Columns

Gordon Campbell on the end game in Spain

25 Aug 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the end game in Spain First published on Werewolf more

Gordon Campbell on the Impotence of the Reserve Bank

11 Aug 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the Impotence of the Reserve Bank First published on Werewolf more

Kiwi Success

New appointment to FSANZ Board

29 Aug 2016 Appointments
New Zealand Government Hon Jo Goodhew Minister for Food Safety   29 August 2016 Jane Lancaster has been appointed to the Food ... more

Appointments to New Zealand National Commission for UNESCO

12 Aug 2016 Appointments
New Zealand Government Hon Hekia ParataMinister of Education 12 August 2016 Appointments to New Zealand National Commission for... more

Recruitment

Jobs growth continues to be strong

3 Aug 2016 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment 3 August 2016 Jobs growth continues... more

NZ private sector wage inflation misses expectations in June

3 Aug 2016 State of the Market Report By Paul McBeth
Wednesday 03 August 2016 11:57 AM NZ private sector wage inflation misses expectations in June quarter Aug. 3 (BusinessDesk) - New... more

s