MARKET CLOSE: NZ shares rise on optimism over Greek deal 14 Jul 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 on optimism over Greek deal
By Paul McBeth
July 14 (BusinessDesk) - New Zealand shares rose, snapping four declines, as the prospect of a Greek deal calmed global markets and stoked investors' demand for riskier assets such as stocks. Power company Contact Energy led the benchmark index higher.
The S&P/NZX 50 index advanced 44.18 points, or 0.8 percent, to 5750.88. Within the index, 28 stocks gained, nine fell, and 13 were unchanged. Turnover was $138 million.
A provisional agreement opened the way for Greece to receive an 86 billion euro funding line and remain in the Eurozone, though any deal is contingent on being ratified by the country's parliament. The European debt crisis has seen investors shy away from taking strong positions in equities, and since the Greek deal, the Chicago Board Options Exchange's Volatility, known as Wall Street's 'fear gauge', has dropped from a five-month high. Stocks across Asia rose, with Australia's S&P/ASX 200 index up 2 percent in afternoon trading, and Japan's Nikkei 225 index gaining 1.7 percent.
Contact led gainers, rising 2.9 percent to $5.05, followed by property investor Argosy Property, which rose 2.8 percent to $1.11, and telecommunications retailer Spark New Zealand, up 2.3 percent to $2.84. Fletcher Building, the country's biggest construction company advanced 1.9 percent to $8.03.
"It takes at least one of the risks off the table as far as the EU (European Union) actually coming to a decision, and that could have been relatively dire, so that's good news," said James Lindsay, who helps manage $400 million in equities at Nikko Asset Management in Auckland. "A number of those names (of companies that gained today) have been pretty weak over the last few days, and it's probably the ones some of the international investors have been selling on global risk-off trades."
Lindsay said next month's earnings season meant the local market would follow international cues more closely, with limited corporate news.
A weaker New Zealand dollar helped companies with large export earnings. Fisher & Paykel Healthcare, which derives about half of its sales in the US, gained 1.3 percent to $7.11.
Meridian Energy, the country's biggest electricity generator, gained 0.2 percent to $2.08 after its June operating statistics showed annual demand was 3.3 percent higher than a year earlier.
Auckland International Airport, the country's busiest gateway, increased 0.1 percent to $5.145.
Z Energy, the petrol station chain seeking to buy the Caltex and Challenge! brands from Chevron NZ, was unchanged at $5.82 after rival BP New Zealand Holding's reported a slump in annual profit in 2014, as cheaper oil prices eroded the value of its inventory.
Auckland lines company Vector was the biggest decliner on the day, falling 1.32 percent to $3.30, followed by pay-TV operator Sky Network Television, which slipped 1.1 percent to $6.10.
Outside the benchmark index New Zealand Refining, which operates the Marsden Point refinery, gained 1.7 percent to $3.06 after its May/June throughput report showed a first half processing fee of $170.9 million, $2.5 million more than the full year result for 2014.
Tapmaker Methven gained 1.8 percent to $1.13 after unveiling a three-year strategy to raise annual revenue 35 percent by 2018.
Kirkcaldie & Stains was unchanged at $2.20 after the unprofitable department store owner called for a special meeting on July 31, where shareholders will vote on whether to approve the sale of its business to Davy Jones, and an initial distribution to investors of $19.35 million, or $1.88 a share.
(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