MARKET CLOSE: NZ stocks rise; RAK, AMP, AIR gain

July 21st, 2010

July 23 () – New Zealand stocks rose for the third time in four sessions, as a slew of positive corporate results on Wall Street helped bolster sentiment for equities worldwide. Rakon Ltd., AMP Ltd., and Air New Zealand paced gainers on the day.

The NZX 50 rose 13.54, or 0.5%, to 2994.9. Within the index, 26 stocks rose, 11 fell and 13 were unchanged. Turnover on the day was $70.1 million.
U.S. stocks rallied after companies including UPS, Caterpillar and 3M posted sturdy earnings and raised their guidance. The Standard & Poor’s 500 Index climbed 2.3 percent.

“Markets around the world rallied on the positive results from the financial reporting season in the States, and we’re hoping the New Zealand reporting season is up there as well,” said Grant Williamson, a director at Hamilton Hindin Greene. “Local co

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MARKET CLOSE: NZ stocks fall in third straight day

July 16th, 2010

MARKET CLOSE: NZ stocks fall in third straight day as global fears sap upbeat sentiment

July 19 (BusinessDesk) – New Zealand stocks fell for their third straight session, following Asian markets lower as weaker-than-expected sales in U.S. earnings stirred concerns over the global economic recovery. Steel & Tube Holdings Ltd., New Zealand Oil & Gas Ltd. and New Zealand Refining Company Ltd. paced decliners on the day.

The NZX 50 closed 0.7% down, or 21.2 points, to 2,964.6. Within the index 30 stocks fell, nine rose and 11 remained unchanged. T

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Manufacturing growth and optimism leading recovery

July 12th, 2010

July 15 (BusinessDesk) – Manufacturing activity expanded in June, and optimism in the sector indicates that continuing growth can be expected as the New Zealand economy rebalances towards production and saving.

Last month, the BNZ-Business NZ performance of manufacturing index picked up 2.2 points to 56.2from May to remain firmly entrenched in expansion mode for the tenth consecutive month. A PMI reading above 50 indicates manufacturing activity is expanding, while below 50 indicates it is contracting. Manufacturing is displaying more than twice the pace of growth in the economy overall, according to BNZ economist Doug Steel.

“Of course, manufacturing, both at home and globally, was hit very hard by recession as big ticket durable purchases were delayed or cancelled by consumers and businesses alike,” Steel said. “So t

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MARKET CLOSE: NZ stocks rise, led by Telecom

July 9th, 2010

July 9 () – New Zealand stocks rose for their seventh consecutive day, breaking above 3,000 for the first time since June 28, with Telecom Corp. advancing after agreeing to a lighter-than-expected penalty payment over its controversial wholesale loyalty offer.

The NZX 50 rose 21.3 points, or 0.7%, to 3,005.2. Within the index, 34 stocks rose, seven fell and nine were unchanged. Turnover was $62.9 million.

Telecom shares rose 2.7% to $1.87 on news of the settlement which arose over three loyalty offers from its wholesale unit, which were deemed likely to breach its operational separation undertaking. E

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MARKET CLOSE: NZ stocks rise, halts 11-day decline

July 4th, 2010

July 2 (BusinessDesk) – New Zealand stocks rose, ending the week in the black after declining for 11 consecutive days, buoyed by Australian markets where corporate tax cuts have pushed the equities into positive territory. New Zealand Refining Co., NZX Ltd. and Nuplex Industries Ltd. lead gainers on the day.

The NZX 50 rose 4.29, or 0.2%, to 2938.1 points. Within the index 19 stocks rose, 19 fell and 12 were unchanged. Turnover was $41.1 million.

The ASX 200 Index was last trading 0.1% up at 4,241.7, after the Australian government agreed to shelve a plan to implement a resource tax in favour of cutting corporate tax to 29% instead of 28% included in the initial proposal.

“The changes to the corporate tax structures in Australia have put a bit of a positive spin on things,” said Guy Ellife, who manages $1.1 billion of equities at AMP Capital Investors. “Reso

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MARKET CLOSE: NZX 50 falls near year-low

June 29th, 2010

June 30 () – New Zealand stocks fell to the lowest level in almost a year, marking seven straight days of declines, as the gloom on international markets spread locally amid fears that that the recovery of global markets may be short-lived. Dual-listed APN News & Media Ltd., paced decliners, with Kathmandu Holdings and Nuplex Industries Ltd. following suit.

The NZX 50 fell 18.98 points, or 0.6%%, to 2,972.1. Within the index, 27 stocks fell, 10 rose and 13 remained flat. Turnover was $68.5 million.

Asian stocks took their lead from the U.S., where the Standard & Poor’s 500 Index fell 3.1% overnight, as concerns around China’s growth prospects and the weakness in the global recovery weighed on markets. In in

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