Thursday 27th November 2008 |
Text too small? |
New Zealand stocks rose, bringing the NZX 50 Index’s three-day rally
to 3.6% as investors with a longer time horizon sought companies likely to maintain
their dividends.
The NZX 50 gained 30.843, or 1.2%, to 2668.744. Within the index, 33 stocks
gained, seven fell and 10 were unchanged. The benchmark index has fallen 35%
this year. Rakon climbed 13 cents to NZ$1.32, having slumped 40% in a month.
“Some people are happy to look over the horizon, six to nine months out,”
said Alan Moore, who helps oversee NZ$250 million at Milford Asset Management
Ltd. “The market does look that far in advance and some people will be
starting to nibble away.”
Sky City Entertainment “would be a yield play,” Moore said. The
casino operator’s stock gained 5% to NZ$3.15 today. On an historical dividend
basis, the stock is yielding 10%. Rakon is one of the stocks “which had
a huge fall.”
AFFCO Holdings, the meat company that has outperformed the NZX 50 Index this
year, was unchanged at 40 cents today and has gained 20% this year, while the
NZX 50 fell 32%. It turned to a full-year profit after a pick up in sales in
the second half and a one-time gain from Dairy Trust.
Mainfreight advanced 6.6% to NZ$4.55, making it the biggest gainer after Rakon.
Rival freight company Freightways Ltd. fell 3.8% to NZ$2.75.
(Businesswire.co.nz)
NZX Top 50
Last updated: 27/11/2008 5:08pm
AIA | 1.70 | +0.01 | ![]() |
AIR | 0.86 | +0.01 | ![]() |
AMP | 6.30 | +0.02 | ![]() |
ANZ | 16.70 | -0.08 | ![]() |
APN | 3.19 | 0.00 | ![]() |
APT | 0.96 | 0.00 | ![]() |
CAV | 2.15 | +0.05 | ![]() |
CEN | 6.80 | +0.06 | ![]() |
EBO | 4.15 | +0.05 | ![]() |
FBU | 5.70 | +0.13 | ![]() |
FPA | 1.37 | +0.05 | ![]() |
FPH | 3.00 | -0.04 | ![]() |
FRE | 2.75 | +0.10 | ![]() |
GFF | 1.56 | -0.03 | ![]() |
GMT | 1.02 | +0.01 | ![]() |
GPG | 0.90 | +0.01 | ![]() |
HLG | 2.28 | +0.03 | ![]() |
IFT | 1.63 | +0.01 | ![]() |
IMP | 1.02 | 0.00 | ![]() |
ING | 0.63 | +0.01 | ![]() |
KIP | 1.07 | +0.02 | ![]() |
LNN | 10.40 | 0.00 | ![]() |
MFT | 4.55 | +0.28 | ![]() |
MHI | 0.60 | 0.00 | ![]() |
MVN | 1.35 | 0.00 | ![]() |
NPX | 3.45 | +0.05 | ![]() |
NZO | 1.31 | +0.01 | ![]() |
NZR | 6.35 | -0.05 | ![]() |
NZS | 0.87 | -0.03 | ![]() |
NZX | 5.70 | +0.05 | ![]() |
PFI | 1.00 | +0.02 | ![]() |
PGW | 1.65 | +0.04 | ![]() |
POT | 5.85 | +0.07 | ![]() |
PPL | 1.10 | 0.00 | ![]() |
PRC | 1.01 | +0.02 | ![]() |
RAK | 1.32 | +0.13 | ![]() |
RYM | 1.39 | +0.04 | ![]() |
SAN | 5.40 | +0.05 | ![]() |
SKC | 3.15 | +0.15 | ![]() |
SKL | 0.75 | 0.00 | ![]() |
SKT | 3.32 | +0.07 | ![]() |
STU | 2.75 | +0.02 | ![]() |
TEL | 2.38 | +0.02 | ![]() |
THL | 0.70 | 0.00 | ![]() |
TLS | 4.90 | 0.00 | ![]() |
TPW | 6.88 | -0.04 | ![]() |
TWR | 1.53 | +0.08 | ![]() |
VCT | 2.00 | +0.06 | ![]() |
WBC | 19.40 | -0.85 | ![]() |
WHS | 3.52 | +0.02 | ![]() |
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