MARKET CLOSE NZ shares rise to 5-year high; PGW, RYM gain

Article – BusinessDesk

Dec. 28 (BusinessDesk) New Zealand shares rose, pushing the NZX 50 Index to a new five-year high, led by stocks that are among broker picks for 2013, such as PGG Wrightson and Ryman Healthcare.

MARKET CLOSE NZ shares rise to 5-year high; Wrightson, Ryman gain

Dec. 28 (BusinessDesk) – New Zealand shares rose, pushing the NZX 50 Index to a new five-year high, led by stocks that are among broker picks for 2013, such as PGG Wrightson and Ryman Healthcare.

The NZX 50 rose 15.45 points, or 0.4 percent, to 4080.90, the highest close since December 2007, bringing its gain this year to 24 percent. Within the index, 22 stocks rose, 12 fell and 16 were unchanged. Turnover was a lower-than-average $57 million, reflecting reduced trading during the Christmas-New Year holiday period.

Wrightson, the nation’s biggest rural services company, gained 4.8 percent to 44 cents, the highest close since September 2011. It was among three companies singled out in an NZ Herald survey of brokers this week for gains in 2013.

Of the other two, Ryman rose 0.7 percent to a record $4.51 and Diligent Board Member Services rose 0.6 percent to $5.47, for a 183 percent gain this year.

“There’s quite a lot of confidence in the market” for 2013, said Greg Easton, an adviser at Craigs Investment Partners. “While we don’t expect another 25 percent gain next year, returns will still beat the banks.”

Telecom rose 2.9 percent to $2.31 and has gained 9.2 percent this year. Australian wealth manager AMP rose 2.8 percent to $6.17.

Hellaby Holdings rose 5.6 percent to $3.38, adding to its gains yesterday, when the company said it would buy a controlling stake in specialised engineering maintenance and industrial cleaning company Contract Resources.

Pacific Edge, which is marketing a test for bladder cancer, rose 6 percent to 53 cents.

Fletcher Building, the biggest company on the NZX 50, fell 0.6 percent to $8.40. Contact Energy declined 0.2 percent to $5.27.

Hallenstein Glasson Holdings, the clothing chain, fell 1.1 percent to $5.34 and Restaurant Brands, the fastfood operator, fell 1.5 percent to $2.64.

Mainfreight, the transport and logistics company, rose 1.1 percent to $11.80, OceanaGold climbed 1.5 percent to $3.45 and Sky Network Television rose 1.2 percent to $4.90.

Steel & Tube Holdings, which sells steel building materials, dropped 1.6 percent to $2.40 and was the biggest decliner today.

(BusinessDesk)

Content Sourced from scoop.co.nz
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