MARKET CLOSE: NZ shares rise led by Pacific Edge 20 Mar 2015
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 led by Pacific Edge, Kiwi Property
By Suze Metherell
March 20
(BusinessDesk) - New Zealand shares rose, paced by Property
For Industry, Kiwi Property Group and Goodman Property Trust
as investor appetite for yield returned. Pacific Edge led
the benchmark index higher after it secured further
patents.
The NZX 50 Index rose 11.972 points, or 0.2
points, to 5871.376. Within the index, 22 stocks rose, 21
fell and seven were unchanged. Turnover was $431 million, of
which Spark New Zealand made up $128 million while Fletcher
Building had $60 million worth of shares change hands.
Earlier this week the US Federal Open Market
Committee lowered its outlook for growth, inflation and
interest rates, offsetting the impact of removing the key
word 'patient' from its statement which signals it is
prepared to raise rates based on future economic data. The
more dovish statement prompted investors to seek yield
paying equities in the face of lower interest rates for
longer.
Yield stocks, like utility companies and property investors, gained. Kiwi Property advanced 3.2 percent to $1.30. Goodman Property rose 1.3 percent to $1.155. Property For Industry increased 2.6 percent to $1.60. Meridian Energy gained 0.7 percent to $2.09. Argosy Property rose 2.7 percent to $1.13. Genesis Energy advanced 0.9 percent to $2.35.
"With the Fed still not committing to an
interest rate rise it gave the market a bit of a boost,"
said Robert Garden, an investment advisor at Craigs
Investment Partners. "The world is focused on the hunt for
yield."
Pacific Edge led the benchmark index higher,
rising 4.5 percent to 70 cents. Earlier this week, the
Dunedin-based biotech firm was awarded a patent filed in
Japan as part of its technology targeted to detect stomach
cancer. The same technology has previously been patented in
New Zealand, Australia, China and Europe. The company is
also on a roadshow in Australia to lure investors, Garden
said.
"It looks like management were doing a bit of
presentation to institutions in Australia," Garden said.
"They're still building the number of patents that they have
got. It's a stock that's lost a wee bit of interest and a
bit more news flow has probably focused attention on it."
Spark, formerly Telecom Corp, fell 0.3 percent to
$3.07. Fletcher, the construction and building supplies
firm, was unchanged at $8.93.
Pumpkin Patch advanced
33 percent to 28 cents. The struggling children's clothing
retailer is seeking formal proposals after receiving
approaches to buy or refinance the company, having signalled
in November that it was at risk of breaching its banking
covenant. First-half profit increased to $749,000 from
$106,000 in the year earlier period as sales rose 2.2
percent to $121.9 million.
"It still has a name that
everyone recognises, so there is potentially some value in
it," Garden
said.
(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