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Wednesday 3rd December 2008 |
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The NZX 50 Index rose 55.643, or 2.1%, to 2706.788. Within the index 35 stocks
rose, nine fell and four were unchanged.
Guinness Peat Group led gainers, rising 6.3% to NZ$1.01. Property
for Industry led a rally in property investors, rising about 5% to
NZ$1.06. ING Property Trust rose 3.1% to 67 cents.
Central bank Governor Alan Bollard will lower the OCR to 5% tomorrow, according
to a Reuters survey. That would mark the biggest cut since the OCR was introduced
in 1999. Central banks globally have slashed interest rates as the world’s
biggest economies sunk into recession. Australia, the biggest market for New
Zealand goods, cut rates 100 basis points this week.
“We're in fairly extreme times which call for extreme measures,"
said Craig Brown, who helps manage about NZ$2 billion at ING New Zealand. “More
job cuts is the big risk. People start spending less and it becomes a vicious
cycle.”
In Sydney, the S&P/ASX 200 Index rose 0.4% to 3542.7 after government figures
showed that economy rose a smaller-than-expected 0.1% last quarter.
Qantas Airways gained 2.2% to A$2.30 after confirming it discussions
with British Airways about a potential merger. Transfield Services
jumped 31% to A$1.79 after ABN Amro raised its rating on the stock to ‘buy’
from ‘hold.’ Japan’s Nikkei 225 Index advanced about 1% to
7941.8 in mid-day trading.
PGG Wrightson, the biggest rural services company on the NZX
50, fell 4.4% to NZ$1.53 after the ANZ Commodity Price Index declined 7.2% last
month, stretching its four-month slide to 21%. The declining New Zealand dollar
meant the local currency index fell only 1.8%.
Auckland International Airport, the nation's busiest gateway,
gained 4.3% to NZ$1.71 after announcing it is reorganising into three business
units, recognizing the growing importance of its property holdings while winding
back its engineering unit.
Air New Zealand rose 1.2% to 86 cents after Forsyth Barr analyst
Rob Mercer was reported as saying a potential merger between British Airways
and Qantas was more likely to signal consolidation in the industry facing a
downturn than a move to take on the New Zealand carrier.
(Businesswire.co.nz)
NZX Top 50
Last updated: 3/12/2008 5:10pm
| AIA | 1.71 | +0.07 |  |
| AIR | 0.86 | +0.01 | |
| AMP | 6.40 | 0.00 |  |
| ANZ | 17.35 | +0.25 | |
| APN | 3.15 | 0.00 | |
| APT | 1.00 | +0.02 | |
| CAV | 2.01 | 0.00 | |
| CEN | 6.60 | +0.10 | |
| EBO | 4.26 | +0.11 | |
| FBU | 5.57 | +0.19 | |
| FPA | 1.42 | +0.02 | |
| FPH | 3.11 | +0.03 | |
| FRE | 2.91 | +0.02 | |
| GFF | 1.60 | -0.05 |  |
| GMT | 1.06 | +0.01 | |
| GPG | 1.01 | +0.06 | |
| HLG | 2.23 | +0.04 | |
| IFT | 1.76 | +0.03 | |
| IMP | 1.09 | +0.03 | |
| ING | 0.67 | +0.02 | |
| KIP | 1.03 | +0.01 | |
| LNN | 10.35 | -0.15 | |
| MFT | 4.72 | +0.02 | |
| MHI | 0.60 | +0.02 | |
| MVN | 1.30 | 0.00 | |
| NPX | 3.62 | +0.10 | |
| NZO | 1.28 | +0.02 | |
| NZR | 6.20 | -0.10 | |
| NZS | 0.90 | +0.03 | |
| NZX | 5.60 | +0.05 | |
| PFI | 1.06 | +0.05 | |
| PGW | 1.53 | -0.07 | |
| POT | 6.00 | +0.20 | |
| PPL | 1.05 | -0.06 | |
| PRC | 0.97 | -0.01 | |
| RAK | 1.45 | -0.01 | |
| RYM | 1.49 | +0.03 | |
| SAN | 5.30 | +0.10 | |
| SKC | 2.98 | -0.01 | |
| SKL | 0.74 | +0.02 | |
| SKT | 3.30 | +0.08 | |
| STU | 2.85 | +0.09 | |
| TEL | 2.43 | +0.09 | |
| THL | 0.71 | +0.03 | |
| TLS | 5.15 | +0.15 | |
| TPW | 7.20 | +0.25 | |
| TWR | 1.54 | +0.07 | |
| VCT | 2.01 | +0.01 | |
| WBC | 20.00 | -0.10 | |
| WHS | 3.29 | +0.07 | |
