NZ stocks rise on Australia growth; ANZ gains

NZ stocks rise on Australia growth; ANZ, Westpac lead gains

By Jason Krupp

Sept. 1 (BusinessDesk) – New Zealand stocks rose for the second time in four sessions, after Australia reported hearty economic growth, lifting lenders Australia & New Zealand Banking Group and Westpac Banking Corp.

The NZX 50 rose 40.9 points, or 1.4%, to 3077.1. Within the index, 32 stocks rose, six fell and 12 were unchanged. Turnover was $74.7 million.

GDP data for the June quarter showed that the Australian economy grew by 1.2% compared with the 0.7% for the January-March period, helping list the S&P/ASX 200 Index by 2.1% to 4496.5

“Australia is up on their GDP numbers and greater clarity on the outcome from the election process,” said Paul Richardson, who helps manage $300 million in equities for BT Funds Management Ltd. “That has helped lift some of the dual listed stocks and ones which have a significant Australian shareholding, such as Kathmandu.”

ANZ rose 2.6% to $29.70 on the NZX and was last trading 2.7% up at A$23.21 on the ASX. Westpac rose 2.4% to $28.58 on the NZX, and was last trading 3% up on the ASX at A$22.35. Kathmandu Holdings, the outdoor clothing retailer, rose 3.8% to $1.64.

Pike River Coal ltd., the coal miner, rose 5% to $1.05, pacing gainers on exchange. Sky City Entertainment Group, the casino and hotel operator, rose 2.8% to $2.95 and crystal oscillator manufacturer Rakon Ltd. rose 2.7% to $1.14.

Telecom Corp., New Zealand’s biggest telephone company, rose 2.5% to $2.05 after the Supreme Court squashed charges by the Commerce Commission’s over its 0867 dial-up internet fees in 1999.

APN News & media Ltd., which publishes the NZ Herald and operates the Radio Network, rose 1.2% to $2.45 after the media company announced that its New Zealand Magazines division has acquired the licence to publish Pacific Magazines’ three core titles in New Zealand.

Shares in the NZX Ltd., the stock market operator, were unchanged at $1.40 after the Accident Compensation Corporation announced had taken advantage of a seven-year-low price to lift its holding in the securities market operator.

Port of Tauranga rose 0.4% to $6.78 and NZ Farming Systems Uruguay Ltd., the South American dairy operator, was unchanged at 70 cents.

ING Property Trust, the listed property investor, fell 2.9% to 68 cents, pacing decliners on the NZX 50.

Vector Ltd., the electricity and gas network owner, fell 2.8% to $2.07, Steel & Tube Holdings, the maker of steel products used in the construction industry, fell 2.3% to $2.17, and national carrier Air New Zealand Ltd. fell 1.6% to $2.17.

Contact Energy Ltd., the biggest utility on the NZX, fell 0.7% to $5.61.

(BusinessDesk)

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