Market close: Shares rise led by yield stocks – TrustPower, Contact, freight firms up

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BUSINESSDESK: New Zealand shares rose to a fresh four and a half year high as investors were drawn to stocks with relatively appealing dividend yields.

The gainers were paced by the Warehouse Group and electricity companies TrustPower and Contact Energy.

The NZX 50 Index rose 19.05 points, or 0.45%, to 3923.90. Within the index, 30 stocks rose, 7 fell and 13 were unchanged. Turnover was about $90 million.

"We are seeing continued buying in the yield stocks as investors move money from banks to equities – investors are trying to build income," says Grant Williamson, director at Hamilton Hindin Greene. "There is a fair degree of confidence in the local market and it is pushing prices higher."

The gainers were led by the Warehouse Group, New Zealand's biggest listed retailer, up 3% to $3.09.

TrustPower, the utility controlled by Infratil, increased 2.8% to $8.35. Infratil shares rose 1.4% to $2.20.

Contact Energy, New Zealand's largest listed electricity retailer, was up 2.4% to $5.47.

Freightways, the courier and data management group, rose 1.6% to $4.38. Mainfreight, the international freight and logistics firm, gained 1.5% to $10.56.

Fletcher Building, New Zealand's largest listed construction company, rose 0.13% to $7.48 and the biggest company on the exchange, Telecom, was unchanged on $2.38 apiece.

Shares in cloud-accounting provider Xero were unchanged at $5.35 after the Wellington-based company released its prospectus for a dual-listing on the ASX.

The software firm flagged it may need additional funding to pay for its growth aspirations, which it expects will keep its books in the red for the foreseeable future.

The decline was led by Michael Hill International, New Zealand's only listed jewellery maker, which shed 1.6% to $1.21.

Air New Zealand slipped 1.5% to $1.25.


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NZ Market Snapshot

Forex

Sym Price Change
USD 0.7530 0.0006 0.08%
AUD 0.9598 -0.0011 -0.11%
EUR 0.6756 0.0028 0.42%
GBP 0.4980 0.0012 0.24%
HKD 5.8386 0.0061 0.10%
JPY 90.4560 0.0670 0.07%

Commods

Commodity Price Change Time
Gold Index 1174.5 -6.010 2015-05-01T00:
Oil Brent 67.8 1.020 2015-05-01T00:
Oil Nymex 60.4 -0.430 2015-05-01T00:
Silver Index 16.1 -0.018 2015-05-01T00:

Indices

Symbol Open High Last %
NZX 50 5797.4 5797.4 5797.4 -0.52%
NASDAQ 5018.4 5043.6 5005.4 0.23%
DAX 11506.8 11656.9 11454.4 1.44%
DJI 18026.0 18133.8 18024.1 0.26%
FTSE 6960.6 6995.4 6960.6 0.36%
HKSE 28231.3 28343.7 28133.0 -0.03%
NI225 19510.8 19549.4 19520.0 0.06%