Market close: Shares hit 4½-year high, paced by Nuplex, Fletcher, Warehouse

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

(BusinessDesk) New Zealand shares rose to a fresh 4½-year high as the prospect of continued low interest rates spurred investors to look to equities for better returns.

Nuplex Industries, Fletcher Building and Warehouse Group rose, while Auckland International Airport and Vector led decliners.

The NZX 50 Index rose 18.35 points, or 0.5%, to 3889.60, the highest since January 10, 2008. Within the index, 26 stocks rose, 12 fell and 12 were unchanged. Turnover was $114 million.

"There seems to be buying interest across the board with retail and international," says Matthew Goodson, portfolio manager at BT Funds Management. "The lower interest rates are forcing people to search for better returns."

The gains were led by Nuplex Industries, the specialty chemicals maker, up 5.5% to $3.09. The stock has a dividend yield of 7.4%. Fletcher Building, New Zealand's largest construction company and with a dividend yield of 6%, increased 2.5% to $7.34.

Warehouse Group, the biggest retail on the NZX 50, climbed 2.4% to $3.02 and has a dividend yield of 10%. Pumpkin Patch, the children's clothing retailer, rose 0.9% to $1.17, while Hallenstein Glasson Holdings, the clothing chain, increased 1.1% to $4.81.

Freightways, the courier and data management group, advanced 0.9% to $4.31.

The decline was led by Auckland International Airport, the country's biggest gateway, down about 3% to $2.60 after shedding its final dividend of 6.1 cents. Vector, the Auckland gas, electricity and telecommunications networks owner, fell 1.4% to $2.89.

NZX, the stock exchange regulator, rose 0.9% to $1.14 after it released figures showing the value of trading in NZX debt and equity markets rose 15% to $2.6 billion in September from a year earlier.

Shares in APN News & Media rose 18% to 53 cents, tracking a surge in the ASX-listed stock yesterday which sparked speculation the company had found a buyer for its New Zealand assets.

The media group, whose stable includes the New Zealand Herald newspaper, responded to media speculation regarding the strategic review of the company's New Zealand assets, saying it has "nothing to announce at this stage".

Xero, the cloud-based accounting service, fell 1.5% to $5.32. Kathmandu, the outdoor equipment retailer, slid 0.6% to $1.75.

NZ Refining, which runs the nation's only oil refinery, gained 4% to $2.89. Telecom rose 0.2% to $2.405.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot


Sym Price Change
USD 0.7477 0.0040 0.54%
AUD 0.9842 0.0061 0.62%
EUR 0.6938 0.0031 0.45%
GBP 0.5037 0.0021 0.42%
HKD 5.7963 0.0307 0.53%
JPY 89.4220 0.4800 0.54%


Commodity Price Change Time
Gold Index 1208.0 24.740 2015-04-01T00:
Oil Brent 58.2 2.590 2015-04-01T00:
Oil Nymex 50.0 4.030 2015-04-01T00:
Silver Index 17.1 0.462 2015-04-01T00:


Symbol Open High Last %
NZX 50 5835.6 5835.6 5835.6 -0.07%
NASDAQ 4894.4 4899.4 4900.9 -0.42%
DAX 11902.9 12113.0 11966.2 0.29%
DJI 17778.5 17778.5 17776.1 -0.44%
FTSE 6773.0 6856.4 6773.0 0.54%
HKSE 25214.3 25255.7 25082.8 0.57%
NI225 19141.9 19433.9 19034.8 1.46%