MARKET CLOSE: Xero cracks $5b value, Wynyard extends rally

New Zealand shares rose, led by Xero on optimism more investors will focus on the cloud-based accounting firm's growth potential. Wynyard Group, another high-growth tech company, surged to a new record.

The NZX 50 Index rose 35.070 points, or 0.7 percent, to 4814.874. Within the index, 21 stocks rose, 20 fell and nine were unchanged. Turnover was $95 million.

Xero, the top-performing stock on the NZX 50 last year, gained 7.4 percent to $39.25, pushing its market capitalisation above $5 billion. The stock is up 13 percent this year.

"We expect a huge year for Xero," said James Schofield, a tech analyst at First NZ Capital. "We believe this global tech story will continue to gain awareness with global and especially US investors."

Wynyard jumped 17 percent to $1.73 and has surged 28 percent so far this month, extending gains after saying United Arab Emirates money exchange GCC Exchange will use its anti-money laundering software to enhance its ability to detect, investigate, and report suspicious activity.

A2 Corp, which markets milk with a health variant claimed to have health benefits, jumped 7.3 percent to 88 cents. Kathmandu, the outdoor clothing chain, rose 4.9 percent to $3.41.

Summerset Group, which yesterday posted 50 percent growth in fourth-quarter sales, rose 3.2 percent to $3.59. Retirement village rival Ryman Healthcare gained 1 percent to $7.93 and Metlifecare rose 0.7 percent to $4.29.

Fletcher Building, the biggest stock on the benchmark index, rose 2 percent to $8.61. Freightways, the courier and data management firm, rose 3 percent to $4.64. Port of Tauranga, New Zealand's busiest export port, climbed 1.9 percent to $13.75.

Fonterra Shareholders' Fund fell 1.7 percent to $5.76 after the world's biggest dairy exporter said it will "vigorously defend" a claim by French food processor Danone over last year's recall of whey protein concentrate. Negotiations for a commercial settlement failed and the French company is filing papers in the High Court in Auckland.

Sky Network Television, the nation's biggest pay-TV company, fell 2.3 percent to $5.93. SkyCity Entertainment Group dropped 1.1 percent to $3.73.

Telecom was unchanged at $2.315. Meridian Energy declined about 1 percent to $1.015 and MightyRiverPower dropped 0.5 percent to $2.08. Contact Energy was 0.2 percent weaker at $5.17.

Among smaller caps, Sealegs Corp soared 28 percent to 17.9 cents.

(BusinessDesk)

 

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NZ Market Snapshot

Forex

Sym Price Change
USD 0.7886 0.0026 0.33%
AUD 0.9124 0.0008 0.09%
EUR 0.6276 0.0010 0.16%
GBP 0.5021 0.0011 0.22%
HKD 6.1157 0.0193 0.32%
JPY 92.7480 -0.1940 -0.21%

Commods

Commodity Price Change Time
Gold Index 1193.4 -0.480 2014-11-20T00:
Oil Brent 78.7 -0.130 2014-11-20T00:
Oil Nymex 75.8 1.320 2014-11-20T00:
Silver Index 16.1 -0.150 2014-11-20T00:

Indices

Symbol Open High Last %
NZX 50 5526.9 5526.9 5526.9 -0.59%
NASDAQ 4655.2 4703.0 4675.7 0.56%
DAX 9460.4 9487.7 9472.8 0.12%
DJI 17677.3 17720.4 17685.7 0.19%
FTSE 6696.6 6696.8 6696.6 -0.26%
HKSE 23353.7 23417.6 23349.6 0.11%
NI225 17285.7 17285.7 17300.9 -0.72%