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NZ shares edge up to new five-year high

Wednesday 28 Nov 2012 6:33 p.m.

New Zealand shares edged up to a new five-year high as rural services company PGG Wrightson continued its ascent and Air NZ confirmed its guidance for a jump in full-year earnings.

The NZX 50 Index rose 2.54 points, or 0.1 percent, to 4012.15, the highest close since January 3, 2008. Within the index, 24 stocks rose, 17 fell and nine were unchanged. Turnover was $85.7 million.

Wrightson rose 2.8 percent to 37 cents, a level it last reached on October 10.

Fonterra's unit were priced this week at the top end of the range.

Air NZ rose 2 percent to $1.27, matching its close of October 9 which was the highest since March 2011.

The company reiterated its target for full-year earnings to more than double, driven by a rebound in the first six months of the year.

Tourism Holdings, which merged its campervan rental business with two rivals last month, fell 1.4 percent to 73 cents after forecasting a first-half loss on costs of the transaction and changes to accounting treatment of its US fleet.

The net loss will be $500,000 to $1 million in the six months ended December 31, down from a year-earlier profit of $4.2 million, it said.

Sanford was unchanged at $4.45 after posting a 6.7 percent drop in full-year profit after it took charges on restructuring its Coromandel mussel farm and legal fees for its unsuccessful defence of claims it dumped waste oil off American Samoa.

A2 Corp rose 1.5 percent to 68 cents. The company indicated its capital structure is under review as the company considers growth opportunities.

The shares had been halted from trading pending a statement after a media report that it was seeking to raise as much as $200 million, which it denied.

Fletcher Building fell 1.6 percent to $7.85. Telecom rose 0.6 percent to $2.345,

Pumpkin Patch climbed 2.4 percent to $1.26 and Fisher & Paykel Healthcare rose 2.4 percent to $2.59.


NZN

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