Thursday 11th December 2008 |
Text too small? |
The NZX 50 Index rose 13.063, or 0.5%, to 2724.612 at 12:40 p.m. in Wellington. Within the index 23 stocks rose, 10 fell and 17 were unchanged. ING Property rose 3.1% to 67 cents and is up almost 7% in the past month, while the NZX 50 fell 3%. The trust has sold nine properties this year, for a total of NZ$74.2 million, or 92% of their book values as at March.
NZX, operator of the New Zealand stock exchange, rose 0.6% to NZ$5.50 after the Board of Bond Exchange of South Africa recommended shareholders accept the Johannesburg Stock Exchange offer of 125 rand per share. It rejected an earlier offer of 90 rand. NZX is the biggest shareholder in BESA, having acquired its 22% stake on Oct. 3 for 73.17 rand.
Cavalier Corp. jumped 16% to NZ$2.14, leading the index higher, though the volume was just 2,100, suggesting investors are having to pay up to bridge the spread between buy and sell orders in a thin market. The stock touched a record low NZ$1.80 on Dec. 9.
Nuplex Industries fell 0.7% to NZ$3.08 after a monthly survey showed manufacturing in New Zealand slumped last month. Manufacturing activity sank 7.9 points to a record low 35.4 in November, according to the Bank of New Zealand-Business NZ Performance of Manufacturing Index.
New Zealand Oil & Gas rose 1.6% to NZ$1.26 after crude oil for January delivery rose 2.4% to US$43.09 a barrel on the New York Mercantile Exchange, leading a rally in commodities.
Among other stocks, Tourism Holdings climbed 3% to 68 cents, Pumpkin Patch rose 2.9% to NZ$1.05 and Fletcher Building gained 1.8% to NZ$5.75.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes