MARKET CLOSE:NZ shares rise paced by Pacific Edge; Orion up 26 Nov 2014
Related articles
- NZ consumers grow more upbeat, may resume spending Business
- Knowles quits as CEO of KiwiBank Business
- NZ migration bolstered by British invasion Migration
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
- OceanaGold finds new gold deposits at Fraser mine Business
- Transpower gets go-ahead for $170m SI upgrade Business
- NZ home sales creep up in March, still subdued Property
- NZ economy expands at fastest pace in two years Business
- New Zealand food prices fall in February Business
MARKET CLOSE:NZ shares rise, paced by Pacific Edge; Orion up 10% on debut
By Suze Metherell
Nov. 26 (BusinessDesk) - New Zealand shares rose, paced by Pacific Edge after it announced a European patent for one of its cancer tests. Orion Health Group climbed in its NZX debut, as investors looked for growth stocks.
The NZX 50 Index rose 14.714 points, or 0.3 percent, to 5457.392. Within the index, 22 stocks rose, 23 fell and five were unchanged. Turnover was $96.3 million.
Pacific Edge, the non-invasive bladder cancer test developer, advanced 3.7 percent to 84 cents after saying its colorectal technology had been given regulatory approval after accidently first announcing its Cxbladder had been granted a patent in Europe. The earlier announcement prompted a trading halt in the stock, which had gained 4.9 percent to 85 cents before the halt. The company is due to report earnings on Friday.
"People have gained a little bit of confidence around what might be released," said Paul Harrison, head of equities at Salt Funds Management. "You could describe it as more risk appetite in the market, there is a little bit more positive sentiment in this market."
Orion Health, the health management software developer, climbed 10 percent to $6.27 from its $5.70 offer price and paring an earlier gain of 19 percent to $6.79 on its NZX debut as investors looked to top-up their holdings after scaling in the $125 million initial public offer saw them get less than they wanted. Orion will use the new funds to double the existing 40 research and development teams to accelerate its existing software solutions and to undertake blue sky research on its big data analytics and predictive modelling software.
"Investors have had a successful experience with some of their more speculative growth companies, whether it's Xero or Wynyard, and they're hoping they get something similar out of Orion," Harrison said. "It's part of people's growth portfolios, and there wasn't much issued, we're only talking $120 million in new capital that was raised, so there was not much stock to go around."
Xero, the cloud-based accounting software company, gained 0.6 percent to $17.10. Wynyard Group, the security software firm, climbed 1 percent to $2.12.
Genesis Energy fell 1.9 percent to $2.06. New Zealand's largest electricity retailer has raised US$150 million in its first issue of notes in the US private placement market and will use the funds to repay bank debt.
MightyRiverPower was unchanged at $2.97. The partially privatised energy company has claimed in the High Court it shouldn’t have to pay for carbon units issued for years prior to the start of its contract with New Zealand Carbon Farming in 2013, which it entered as part of its effort to offset emissions from electricity generation.
Infratil was the worst performer on the day, falling 8.5 percent, or 27 cents, to $2.91, as the infrastructure investor shed rights to its 4.5 cents interim dividend and its 15 cents special dividend. Warehouse Group slipped 1.3 percent, or 4 cents, to $3.15 after New Zealand's largest listed retailer shed rights to its 6 cents final dividend. Trustpower declined 3.2 percent, or 25 cents, to $7.55 after shedding rights to 20 cent interim dividend.
DNZ Property Fund fell 1.6 percent, or 3 cents, to $1.82, shedding rights to its 2.375 cents interim dividend.
Outside the benchmark, Pumpkin Patch extended decline, dropping 15 percent to a record low of 25 cents on concern the unprofitable children's clothing chain may seek new capital to bolster its balance sheet after saying it may breach bank covenants if Christmas sales disappoint.
"It's on the back of the chairman's comments at the AGM yesterday around a potential for them to need extra capital," Harrison said. "It's not ideal to do that at AGMs, if you're going to raise capital you probably should have organised it before you start talking about it."
Dorchester Pacific, the finance and insurance firm buying Turners Group, rose 1.8 percent to 29 cents after it more than doubled first-half earnings to $5.1 million with the contribution from recent acquisitions and lifted full-year guidance. It expects pretax profit of about $14 million in the year ending March 31, 2015, compared to a previous forecast of $11.5 million, which was an upgrade from earlier guidance.
Tourism Holdings, the biggest campervan rental company in Australia and New Zealand, gained 4.8 percent to a six-year high of $1.75 after it said annual profit may rise as much as 44 percent to $16 million on increased sales and lower costs.
Smartpay, the listed payments terminal supplier, declined 9.1 percent to 20 cents after it posted a 70 percent gain in first-half profit to $1.5 million as it benefited from currency movements and revenue from its partnership with Euronet Worldwide's epay unit.
Energy Mad, the energy efficient lightbulb marketer, tumbled 20 percent to 16 cents after it secured $284,000 in funding from shareholder Superlife to help support its local and overseas growth plans via a convertible note, with a maximum conversion price of 13 cents.
(BusinessDesk)
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more