Market Close: NZ stocks snap 3-day slide; Fletcher gains

Friday 14th November 2008

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.

(Businesswire.co.nz)

Last updated: 14/11/2008 5:09pm

AIA	1.73	+0.02
AIR	0.92	+0.02
AMP	6.10	+0.21
ANZ	16.40	-0.35
APN	3.24	0.00
APT	0.98	+0.01
CAV	2.00	-0.07
CEN	7.25	+0.14
EBO	4.30	0.00
FBU	5.77	+0.37
FPA	1.41	+0.09
FPH	3.19	-0.01
FRE	3.08	+0.06
GFF	1.85	+0.05
GMT	1.02	+0.01
GPG	0.99	0.00
HLG	2.30	+0.06
IFT	1.84	+0.08
IMP	1.05	+0.01
ING	0.62	+0.01
KIP	1.04	+0.03
LNN	10.52	+0.27
MFT	4.95	-0.10
MHI	0.63	+0.03
MVN	1.38	+0.02
NPX	5.00	+0.10
NZO	1.20	+0.02
NZR	6.25	0.00
NZS	0.91	+0.03
NZX	6.05	+0.19
PFI	1.06	-0.01
PGW	1.45	-0.03
POT	6.65	+0.05
PPL	1.00	+0.03
PRC	0.99	+0.02
RAK	1.25	-0.44
RYM	1.36	-0.02
SAN	5.65	+0.05
SKC	2.98	-0.04
SKL	0.80	0.00
SKT	3.65	+0.07
STU	2.90	+0.05
TEL	2.43	0.00
THL	0.80	-0.03
TLS	4.84	+0.12
TPW	7.32	+0.02
TWR	1.50	+0.08
VCT	1.97	+0.04
WBC	20.00	-0.30
WHS	3.77	-0.01

Comments from our readers

No comments yet