MARKET CLOSE: NZ shares gain 28 Sep 2016
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
Wednesday 28 September 2016 05:32 PM
MARKET CLOSE: NZ shares gain, led by Chorus, Orion Health, Air NZ while Tower drops again
By Sophie Boot
Sept. 28 (BusinessDesk) - New Zealand shares rose, with Chorus, Orion Health Group and Air New Zealand recovering losses, while Tower resumed its fall.
The S&P/NZX 50 Index gained 37.53 points, or 0.5 percent, to 7,290.45. Within the index, 22 stocks rose, 15 fell and 13 were unchanged. Turnover was $119.6 million.
Daniel Metcalfe, a senior investment advisor at OMF, said it was a "dull day" for the local index, without much news from NZX50 participants. Markets overnight had been focussed on the first US presidential candidate debate between Hillary Clinton and Donald Trump, he said. Wall Street rallied after the debate, with the perception that Clinton had won the first of three debates bolstering confidence in equities.
Markets across Asia were generally lower in the afternoon's trading, with Japan's Nikkei 225 down 1.6 percent, Hong Kong's Hang Seng falling 0.7 percent, and Australia's S&P/ASX200 Index 0.1 percent lower at 5:05pm local time.
Chorus was the best performer on the local index, up 2.7 percent to $3.88. It has rebounded this week, up 4 percent, having fallen 19 percent since it announced its full-year results on Aug. 29. The telecommunications network operator said at the time that lower regulated pricing for access to its copper services was responsible for full-year profit stalling, although it sees a resumption of growth in 2017.
Orion Health Group gained 1.8 percent to $3.35, bouncing back from yesterday when it was the worst performer on the index and fell 4.6 percent. At its annual meeting last Thursday, chairman Andrew Ferrier told shareholders the strength of the kiwi is crimping revenue in local currency terms, meaning Orion will get less when sales are converted back into local currency. That currency movement also weighed on Orion's cash position.
Air New Zealand gained 1.4 percent to $1.875. The airline's annual shareholder's meeting will be held on Friday afternoon in Christchurch. It hit a 22-month low on Monday and has fallen 30 percent this year, as rising oil prices and increasing competition on its domestic and international routes have played on investors' minds.
Auckland International Airport rose 0.4 percent, or 3 cents, to $7.13. It gave up the rights to a 9 cent final dividend, payable on Oct. 13.
Tegel Group Holdings was the worst performer, down 3.7 percent to $1.55.
Tower dropped 1.5 percent to 96 cents. Earlier this month, the insurer's shares hit a then-12-year low of $1.11 after it warned it expects a $16.2 million hit to its after-tax profit due to increased claims provisions for the Canterbury earthquake following greater-than-expected new claims from the Earthquake Commission and increased litigation and customer disputes. It also signalled it will review its dividend and its dividend policy at its full-year earnings result. The shares have plunged 48.7 percent this year.
Outside the main index, Intueri Education Group recovered, up 66.7 percent to 10 cents. The private education group's shares collapsed on Tuesday, slumping 80 percent in response to a warning about Australian government audits that threatened its viability. This afternoon, it told investors it retains the support of its lender, ANZ Bank.
Intueri has until Oct. 21 to respond to the audit, with possible outcomes ranging from a directive to correct areas of non-compliance through to the full cancellation of its Australian business registrations as registered training organisations (RTOs). One of the businesses, OCA, accounted for 35 percent of Intueri's $50.1 million of revenue in the six months ended June 30.
OceanaGold dropped 13.2 percent to $4.13. The company said it is seeking clarification from the Philippines government after officials from the Department of Environment and Natural Resources named the company's Didipio site among mining operations that could be suspended because of outstanding social issues.
"I'm surprised it hasn't been reflected in the share price up until now, OceanaGold has had problems setting up in the Philippines and there have been issues before," OMF's Metcalfe said.
(BusinessDesk)
ends
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