NZX 50 rises to highest since mid-March

Reported by AAP
Thursday, April 19, 2012
Australia's richest and poorest postcodesOne pocket of Sydney's eastern suburbs earn close to nine times more than those who live in the country's poorest area.

New Zealand shares rose, pushing the NZX 50 Index to the highest since mid-March.

The NZX 50 rose 2.432 points, or 0.1 per cent, to 3,525.192. Within the index, 27 stocks rose, 12 fell and 11 were unchanged. Turnover was a below-average $84.5 million.

Among the largest stocks, Contact Energy rose 0.2 per cent to $4.91, Fletcher Building fell 0.2 per cent to $6.28 and Telecom was unchanged at $2.53.

Sky City fell 1.8 per cent to $3.82. The casino and hotel operators is hoping to clinch a deal with the government to build a $350 million convention centre in Auckland in exchange for a law change allowing it to run more slot machines. The Labour opposition has called for the project to be re-tendered.

"I think investors will be hopping it goes through - it's a win-win for the tourism industry and the company," said Grant Williamson, director at brokerage Hamilton, Hindin, Greene.

It was a mixed day for retailers. Children's clothing chain Pumpkin Patch fell 2.8 per cent to $1.05, the biggest percentage decline on the benchmark index. Kathmandu, which sells outdoor and camping equipment, rose 1.8 per cent to $1.68.

Xero, which sells a cloud-based accounting system, rose 1.9 per cent to $3.85, bringing its gains this year to 37 per cent. The stock has climbed from $2.50 a year ago.

Auckland International Airport, the nation's busiest gateway, fell 1.2 per cent to $2.53 and Air New Zealand, the national carrier, gained 1.2 per cent to 88 cents.

Sky TV, the nation's dominant pay-TV company, rose 0.4 per cent to $5.35. It won't have to contribute to an annual government levy to fund non-commercial telecommunications, based on the Commerce Commission's provisional view on which companies will be liable.

05/07/2015 12:39Sydney, Australia. 5 July,2015