MARKET CLOSE: NZ shares rise to 5-year high

New Zealand shares rose, pushing the NZX 50 Index to a new five-year high, led by stocks that are among broker picks for 2013, such as PGG Wrightson and Ryman Healthcare.

The NZX 50 rose 15.45 points, or 0.4%, to 4080.90, the highest close since December 2007, bringing its gain this year to 24%. Within the index, 22 stocks rose, 12 fell and 16 were unchanged. Turnover was a lower-than-average $57 million, reflecting reduced trading during the Christmas-New Year holiday period.

PGG Wrightson, the nation's biggest rural services company, gained 4.8% to 44c, the highest close since September 2011. It was among three companies singled out in a New Zealand Herald survey of brokers this week for gains in 2013.

Of the other two, Ryman rose 0.7% to a record $4.51 and Diligent Board Member Services rose 0.6% to $5.47, for a 183% gain this year.

"There's quite a lot of confidence in the market" for 2013, said Greg Easton, an adviser at Craigs Investment Partners. "While we don't expect another 25% gain next year, returns will still beat the banks."

Telecom rose 2.9% to $2.31 and has gained 9.2% this year. Australian wealth manager AMP rose 2.8% to $6.17.

Hellaby Holdings rose 5.6% to $3.38, adding to its gains yesterday, when the company said it would buy a controlling stake in specialised engineering maintenance and industrial cleaning company Contract Resources.

Pacific Edge, which is marketing a test for bladder cancer, rose 6% to 53c.

Fletcher Building, the biggest company on the NZX 50, fell 0.6% to $8.40. Contact Energy declined 0.2% to $5.27.

Hallenstein Glasson fell 1.1% to $5.34 and Restaurant Brands fell 1.5% to $2.64.

Mainfreight rose 1.1%t to $11.80, OceanaGold climbed 1.5% to $3.45 and Sky Network TV rose 1.2% to $4.90.

Steel & Tube Holdings dropped 1.6% to $2.40 and was the biggest decliner today.

BusinessDesk

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

Comment & Question

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

Forex

Sym Price Change
USD 0.7908 0.0031 0.39%
AUD 0.9206 -0.0023 -0.25%
EUR 0.6326 0.0028 0.44%
GBP 0.5013 0.0025 0.50%
HKD 6.1318 0.0262 0.43%
JPY 92.8200 0.1730 0.19%

Commods

Commodity Price Change Time
Gold Index 1196.6 -0.500 2014-11-26T00:
Oil Brent 79.4 -0.640 2014-11-26T00:
Oil Nymex 73.7 -0.400 2014-11-26T00:
Silver Index 16.6 0.000 2014-11-26T00:

Indices

Symbol Open High Last %
NZX 50 5457.4 5462.1 5457.4 -0.04%
NASDAQ 4760.2 4788.0 4758.3 0.61%
DAX 9894.6 9942.7 9861.2 0.55%
DJI 17812.2 17833.8 17814.9 0.07%
FTSE 6731.1 6765.0 6731.1 -0.03%
HKSE 24169.8 24228.1 24112.0 -0.34%
NI225 17310.5 17346.8 17383.6 -0.70%