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28 Aug 2014 15:05
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  •   Home > News > Business

    NZ shares close 0.3 per cent higher

    A 4.8 per cent jump in Diligent Board Member Services' share price has helped lift the benchmark NZX 50 Index.

    New Zealand shares have closed firmer, with Diligent Board Member Services rebounding from its latest setbacks.

    The benchmark NZX 50 Index rose 13.738 points, or 0.3 per cent, to 4,627.757 on Tuesday. Within the index, 15 stocks rose, 14 fell, and 21 were unchanged. Turnover was $131 million.

    Diligent, which suffered a fine and censure from the NZ Market Disciplinary Tribunal for Listing Rules breaches last week, jumped 4.8 per cent to $5.64 after trading as low as $4.35 last week.

    "It's actually been a great stock for those happy to pounce on those sorts of short term opportunities," said Craig Lister at Craigs Investment Partners in Tauranga.

    The company was still late releasing its financial results, but after "a rough year of not getting it right first time, one hopes they are taking their time and we will just see it once".

    Port of Tauranga shares dropped 2.9 per cent to $14.42 after the company announced a recently acquired marshalling business had lost a major log marshalling contract.

    PoT paid $34 million for Quality Marshalling in February.

    "It's certainly a negative but it's also relatively small when you consider the Port of Tauranga operation," Mr Lister said.

    The port turned over $244m last year for a net profit of $112.1m.

    Quality Marshalling had been expected to contribute annual revenues of around $18m, said Mr Lister. That would now be cut by around $10m.

    Elsewhere, Nuplex Industries rose 2.8 per cent to $3.30 on the same day as announcing it would change its chairman in November, when Robert Aitken retires and is replaced by Peter Springford.

    Kathmandu put on 1.43 per cent to close at $2.84, up 60 per cent in the last 12 months, although still below a high point of $3.05 reached in recent days.


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