New Zealand shares rose, led by foodmaker Goodman Fielder, amid speculation
it is seeking a buyer for its dairy products business and after better-than-expected
U.S. data helped buoy Wall Street.
The NZX 50 Index climbed 30.111, or 1.1%, to 2735.875, the biggest gain in two
weeks. Within the index, 18 stocks rose, 19 fell and 13 were unchanged. Turnover
was a subdued NZ$44.3 million.
Goodman Fielder rose 5.3% to NZ$2, matching the six-month high
it reached on Jan. 22. Parmalat, Italy’s biggest dairy company, is considering
making an offer for the dairy products unit, la Repubblica reported last week.
Fletcher Building climbed 3.1% to NZ$5.71 after National Association
of Realtors figures showed U.S. sales of existing homes expectedly rose 6.5%
to 4.74 million in December while the Conference Board's index of leading economic
indicators gained 0.3% as money supply rose.
The data helped lift the Standard & Poor’s 500 Index by 1.1% overnight.
Fisher & Paykel Healthcare, which gets 80% of its revenue
in U.S. dollars, rose 1.6% to NZ$3.23 as the kiwi dollar held near a two-month
low.
The local currency has dropped 11% in the past two weeks amid further evidence
of the prolonged economic slump and expectations the central bank will slash
the official cash rate by 100 basis points to 4% this week.
Fisher exporter
Sanford rose 1.9% to NZ$5.40.
Fisher
& Paykel Appliances gained 3.2% to NZ$1.30.
Telecom, the biggest phone company on the NZX 50, rose 2.4%
to NZ$2.57 after media reports that the company and its rival Vodafone are resisting
moves by the Commerce Commission to control the wholesale charge to make calls
between fixed line and mobile phones. The regulator has set a Feb. 5 deadline
for submissions into its inquiry.
New Zealand investor confidence slumped in the fourth quarter as more people
sought the relative safety of term deposits and bank savings, according to an
ASB Bank survey released today.
Investor confidence sank to a net -20% in the final three months of 2008 from
a net 3% in the third quarter. Confidence in stocks held at just 7%, according
to the survey.
“Investors have had a bumpy ride and may be prepared to forsake higher
possible returns in some of the more volatile investments in favour of a good
night's sleep and a more modest but reliable return," said Jonathan Beale,
ASB's head of investment services.
Tourism Holdings dropped 4.3% to 67 cents amid concern the
global economic slump is eroding demand for tourist services. International
visitor numbers are down 5% to 10% this summer, according to figures from the
Tourism Industry Association.
In Sydney, the S&P/ASX 200 Index jumped 3% to 3444, playing catch-up after
the Australia Day holiday yesterday and as stronger prices for metals lifted
mining companies.
Rio Tinto surged 11% to A$42.19 and
BHP
Billiton rose 6.9% to A$29.33. Copper futures for March delivery surged
7.8% to US$1.5865 a pound on the New York Mercantile Exchange yesterday.
Banks gained after business confidence rose from a record low last month amid
optimism a government stimulus package and lower borrowing costs will help underpin
the economy. The sentiment index climbed 10 points to minus 20 in December,
according to a
National Australia Bank survey.
Commonwealth
Bank of Australia rose 2.8% to A$24.74,
ANZ Bank climbed
2.8% to A$12.40 and
National Australia Bank gained 2.2% to
A$17.31.
APN News & Media, publisher of the New Zealand Herald newspaper,
dropped 3.7% to A$2.07, a 10-year low, after Independent News & Media abandoned
plans to sell its 39% stake as potential bidders struggled to secure funding.
In Japan, the Nikkei 225 Index surged 4.7% to 8044.31 after the government began
a US$16.7 billion scheme to buy shares in companies at risk from the financial
crisis, adding to its commitment to buy corporate debt to help companies raise
funds.
(Businesswire.co.nz)
NZX Top 50
Last updated: 27/01/2009 5:09pm
| AIA |
1.84 |
+0.06 |
 |
| AIR |
0.89 |
0.00 |
 |
| AMP |
6.20 |
0.00 |
|
| ANZ |
15.50 |
-0.41 |
 |
| APN |
2.68 |
0.00 |
|
| APT |
0.95 |
-0.03 |
|
| CAV |
1.90 |
+0.01 |
|
| CEN |
6.70 |
+0.04 |
|
| EBO |
4.40 |
-0.01 |
|
| FBU |
5.71 |
+0.17 |
|
| FPA |
1.30 |
+0.04 |
|
| FPH |
3.23 |
+0.05 |
|
| FRE |
2.77 |
-0.01 |
|
| GFF |
2.00 |
+0.10 |
|
| GMT |
0.96 |
+0.01 |
|
| GPG |
0.86 |
-0.01 |
|
| HLG |
2.18 |
0.00 |
|
| IFT |
1.69 |
+0.04 |
|
| IMP |
1.09 |
-0.01 |
|
| ING |
0.64 |
+0.01 |
|
| KIP |
1.03 |
-0.02 |
|
| LNN |
10.20 |
0.00 |
|
| MFT |
4.47 |
-0.01 |
|
| MHI |
0.52 |
0.00 |
|
| MVN |
1.27 |
0.00 |
|
| NPX |
2.85 |
0.00 |
|
| NZO |
1.29 |
+0.03 |
|
| NZR |
6.10 |
0.00 |
|
| NZS |
0.60 |
0.00 |
|
| NZX |
4.89 |
-0.10 |
|
| PFI |
1.10 |
+0.01 |
|
| PGW |
1.23 |
0.00 |
|
| POT |
5.87 |
-0.02 |
|
| PPL |
0.94 |
0.00 |
|
| PRC |
0.97 |
-0.01 |
|
| RAK |
1.07 |
-0.03 |
|
| RYM |
1.34 |
-0.02 |
|
| SAN |
5.40 |
+0.10 |
|
| SKC |
3.07 |
-0.03 |
|
| SKL |
0.69 |
-0.01 |
|
| SKT |
3.95 |
+0.05 |
|
| STU |
2.70 |
-0.10 |
|
| TEL |
2.57 |
+0.06 |
|
| THL |
0.67 |
-0.03 |
|
| TLS |
4.50 |
+0.05 |
|
| TPW |
7.25 |
+0.10 |
|
| TWR |
1.61 |
-0.03 |
|
| VCT |
2.08 |
0.00 |
|
| WBC |
18.60 |
+0.04 |
|
| WHS |
3.68 |
-0.06 |
|
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