Friday 14th November 2008
|Text too small?|
New Zealand stocks snapped a three-day slide, pushing the NZX 50 Index 1.4%
higher. Fletcher Building gained on the prospects of increased government spending
on infrastructure. Rakon plunged 26% after the navigation systems supplier posted
a slump in profit.
The NZX 50 gained 38.045 to 2767.668. Within the index 32 stocks gained, 12 fell and six were unchanged. Fletcher Building rose 6.9% to NZ$5.77, trimming is slump this year to about 55%, after Forsyth Barr analyst Guy Hallwright said the new government’s infrastructure spending plans are “a small positive” for the company.
Rakon tumbled 44 cents to NZ$1.25 after reporting a 66% decline in first-half profit on operating losses in France and weaker world demand as the global economy slows.
“In this type of market, anything that’s less than expected or bad gets hit,” said Stephen Wright, an adviser as ASB Securities.
In Sydney, the S&P/ASX 200 Index gained 1.5% to 2224.6, led by a rebound in mining companies. BHP Billiton jumped 5.6% to A$26.20, Newcrest Mining rose 5.4% to A$21.04 and Rio Tinto gained 4.4% to A$72. Japan’s Nikkei 225 Index rose 2.3% to 8426.71.
Turners Auctions, New Zealand's largest auctioneer of secondhand vehicles, was unchanged at 63 cents after saying profit will more than halve this year after a slump in sales of imported used vehicles. The stock, which is 19.4% owned by Guinness Peat Group, has fallen 43% this year.
Infratil Ltd. gained 4.6% to NZ$1.84 after its manager, HRL Morrison & Co., acquired 26% of Fisher Funds, allowing them to cooperate on funds management.
Sky Network Television Ltd., the nation’s biggest pay-TV company, gained about 2% to NZ$3.65. The new National Party led government may be less inclined to rush to impose regulation of the company’s services, according to Forsyth Barr’s Hallwright.
Last updated: 14/11/2008 5:09pm
No comments yet
MARKET CLOSE: Telecom and Air New Zealand gain
MARKET CLOSE: NZX 50 snaps 4-day slide as earnings awaited; Mainfreight gains
MARKET CLOSE: Auckland Airport feels effects of global downturn
MARKET CLOSE: Shares fall with global slide; Rakon, Nuplex fall
MARKET CLOSE: Pumpkin Patch slips as investors mull downsizing
MARKET CLOSE: Weaker building stats weigh on Fletcher Building
MARKET CLOSE: Telecom and Contact Energy make gains
MARKET CLOSE: NZ shares mixed, FPA, Sky City fall, Rakon gains
MARKET CLOSE: NZ shares gain; Telecom lifts on Chorus, Sky City gains
MARKET CLOSE: NZ shares fall a second day; Wrightson drops on forecast