MARKET CLOSE: NZ shares rise in shortened session

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

New Zealand shares rose in a shortened pre-Christmas session, with Hallenstein Glasson Holdings leading some retailers higher after figures showed seasonal sales are tracking ahead of last year.

Metlifecare fell after joining the benchmark index. The NZX 50 Index rose 3.08 points, or 0.1%, to 4057.82. Within the index, 25 stocks rose, 16 fell and nine were unchanged. Turnover was just $33.4 million.

Hallenstein rose 3% to $5.50 in modest trading. Jeweller Michael Hill International rose 1.6% to $1.24, outdoor equipment chain Kathmandu rose 1% to $1.99 and The Warehouse Group, the biggest retailer on the NZX 50, gained 1% to $3.

Figures from Paymark, which processes about 75% of the nation's electronic retail transactions, show sales last week are up 2.6% on the same week of 2011. Local stocks gained even after key benchmarks on Wall Street were down 0.9%.

"It's very quiet Christmas trading and not a bad performance considering what happened offshore," said David Price, a broker at Forsyth Barr. "There's no corporate news and unlikely to be for the next couple of weeks."

The kiwi dollar has fallen to a three-week low, and that's helped underpin the local stock market, he said.

PGG Wrightson, the nation's largest rural services company, rose 5% to 42c and was the biggest gainer on the benchmark index.

Metlifecare, the retirement village operator, fell 1.9% to $3.07 in its first day trading in the NZX 50. Summerset Group, the other retirement village added to the index today, rose 0.5% to $2.23.

They replaced NZ Refining, up 2.9% to $2.50 today, and Goodman Fielder, unchanged at 76c.

Fletcher Building, the biggest company on the NZX 50, rose 0.6% to $8.30. Telecom rose 0.9% to $2.28 and Contact Energy fell 1.7% to $5.30.

NZX, the stock market operator, rose 2.5% to $1.22. Port of Tauranga fell 1.3% to $13.08 and fishing company Sanford fell 1.6% to $4.25.

BusinessDesk


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

Forex

Sym Price Change
USD 0.7552 0.0016 0.21%
AUD 0.9676 0.0020 0.21%
EUR 0.6752 0.0021 0.31%
GBP 0.4898 0.0008 0.16%
HKD 5.8643 0.0192 0.33%
JPY 90.3120 0.3300 0.37%

Commods

Commodity Price Change Time
Gold Index 1209.6 4.680 2015-02-26T00:
Oil Brent 60.0 0.310 2015-02-26T00:
Oil Nymex 48.3 -2.720 2015-02-26T00:
Silver Index 16.6 0.150 2015-02-26T00:

Indices

Symbol Open High Last %
NZX 50 5861.7 5878.5 5861.7 0.29%
NASDAQ 4985.0 4989.2 4987.9 -0.49%
DAX 11337.1 11401.7 11327.2 0.66%
DJI 18213.3 18213.3 18214.4 -0.45%
FTSE 6949.7 6967.2 6949.7 -0.04%
HKSE 24902.6 25102.0 24902.1 -0.32%
NI225 18844.3 18865.4 18785.8 0.06%