Market close: NZ stocks continue upward New Year march

New Zealand shares rose today, with good gains among stocks exposed to the Auckland economy and more strong sales figures from software-as-a-service firm Diligent Board Services, which pushed it  to new highs.

The NZX 50 Index rose 17.038 points, or 0.41 percent, to 4170.955. Within the index 24 stocks rose, 19 fell, and seven were unchanged on turnover of $104.79 million.

While carrying a weighting of only 1.1 percent in the NZX 50, Diligent hit an all-time trading high of $5.61 during the day, according to Reuters, and closed up 0.9 percent at $5.54, capping an increase of 151.8 percent in the last 12 months.

The company reported sales for the 12 months to December 31 of $US26.3 million, a 66 percent increase over the previous year, greater than all its trading years since listing in 2007 combined.

The report to the market also disclosed a decline in the rate of sales growth, but an equities vice-president at NZ First Capital, James Schofield, says retention rates of 97 percent and the company's banked cash of $US33.4 million indicates Diligent's potential for strong, high-margin growth.

Diligent markets software that allows company board papers to be digitally organised and presented for directors.

"SAAS companies generally have very high margins once they hit critical mass," Mr Schofield says. "Diligent is right in the top range."

Elsewhere in the index, Auckland-centred companies Vector, Auckland International Airport and Sky City were all strong performers as a business confidence survey and real estate figures indicated a more buoyant year for the country's largest city and the New Zealand economy generally.

Vector was up 3.65 percent to $2.84, to lead the index higher, while SkyCity was third strongest riser for the day, up 2.6 percent to $3.95, followed by AIA, up 1.82 percent to $2.795.

Outdoor equipment chain Kathmandu recovered ground lost yesterday, up 2.86 percent to $2.16, for the second strongest gain of the day.

The biggest loser was Restaurant Brands, down 2.7 percent to $2.85, with only Telstra and Pumpkin Patch exceeding a 2 percent fall, closing at $5.56 and $1.45, respectively.


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NZ Market Snapshot


Sym Price Change
USD 0.7151 0.0002 0.03%
AUD 0.9376 0.0028 0.30%
EUR 0.6559 0.0007 0.11%
GBP 0.5853 0.0013 0.22%
HKD 5.5450 0.0014 0.03%
JPY 74.7160 -0.0310 -0.04%


Commodity Price Change Time
Gold Index 1266.1 -7.300 2016-10-26T00:
Oil Brent 50.0 -0.750 2016-10-26T00:
Oil Nymex 49.2 -0.700 2016-10-26T00:
Silver Index 17.6 -0.190 2016-10-26T00:


Symbol Open High Last %
NZX 50 6896.2 6941.9 6896.2 0.66%
NASDAQ 5256.4 5280.9 5283.4 -0.63%
DAX 10726.2 10737.8 10757.3 -0.44%
DJI 18103.8 18236.0 18169.3 0.17%
FTSE 7017.6 7017.6 7017.6 -0.85%
HKSE 23347.2 23352.6 23325.4 -1.15%
NI225 17346.4 17414.2 17391.8 -0.47%
ASX 5359.8 5374.2 5359.8 -1.05%