Market close: NZX 50 at five-year high as OceanaGold, Kathmandu, Telecom gain

New Zealand shares rose, nudging the NZX 50 to a five-year high. OceanaGold, Kathmandu and Telecom led gainers.

The NZX 50 Index rose 13.17 points, or 0.3 percent, to 4103.54. Within the index, 24 stocks rose, 18 fell and eight were unchanged. Turnover was $130.8 million.

The local benchmark has been rising ahead of earnings in February.

Some companies have given favourable mid-quarter updates that have lifted expectations earnings will not disappoint and dividend yields on shares like Telecom make them attractive versus fixed income securities.

OceanaGold, which operates the Macraes gold field, rose 6.2 percent to $3.43 and Kathmandu, the outdoor supplies and clothing chain, gained 3.4 percent to $2.11.

Telecom, which has a dividend yield of 13.3 percent, rose 3.1 percent to $2.31. Sky City Entertainment, the casino and hotel company, rose 1.1 percent to $3.81. It has a dividend yield of 5.8 percent.

PGG Wrightson, the nation’s biggest rural services company, rose 2.2 percent to 47 cents.

Decliners were led by Skellerup, down 2.4 percent to $1.63, while Contact Energy, the biggest power utility on the NZX 50, fell 2.3 percent to $5.17.

Fletcher Building, the biggest company on the NZX 50, was unchanged at $8.45 with 2.8 million shares changing hands.

Guinness Peat Group, which is winding down its investment portfolio, rose 0.9 percent to 59.5 cents.

(BusinessDesk)


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NZ Market Snapshot

Forex

Sym Price Change
USD 0.6750 0.0000 0.00%
AUD 0.9373 -0.0010 -0.11%
EUR 0.6057 -0.0007 -0.12%
GBP 0.4619 -0.0001 -0.02%
HKD 5.2435 -0.0002 -0.00%
JPY 74.2850 -0.0760 -0.10%

Commods

Commodity Price Change Time
Gold Index 1229.2 -19.340 2016-05-24T00:
Oil Brent 49.2 0.250 2016-05-24T00:
Oil Nymex 48.6 0.540 2016-05-24T00:
Silver Index 16.2 -0.170 2016-05-24T00:

Indices

Symbol Open High Last %
NZX 50 6873.8 6924.7 6872.7 0.51%
NASDAQ 4792.9 4866.0 4765.8 2.00%
DAX 10143.4 10177.4 10057.3 1.18%
DJI 17525.2 17742.6 17492.9 1.22%
FTSE 6219.3 6269.4 6219.3 0.59%
HKSE 20156.8 20379.7 19830.4 2.71%
NI225 16764.3 16806.0 16498.8 1.57%