NZX up on SkyCity deal

JAZIAL CROSSLEY
Last updated 18:01 19/12/2012

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The New Zealand sharemarket rose today following casino and hotel operator Sky City announcing the upcoming redevelopment of its Adelaide casino that would allow it to have more gaming machines, state exclusive table games rights and an extended license.

The NZX50 index was up 1.1 per cent or 43.97 points to 4023.22. Within the index, 37 stocks rose, nine fell and four were unchanged.

BT Funds Management portfolio manager Matthew Goodson said that Sky City's $375 million upgrade of its Adelaide casino dominated the market. The stock rose 4.4 per cent to $3.78.

"Sky City have not commented yet on the likely returns but one would expect from this sort of project it should get a strong earnings increase," Goodson said.

"PGG Wrightson was up 5.3 per cent to 40c. It announced some agreements in China around potential agricultural developments. It is hard to see that as material in the near term but it continues quite a period of strength."

Contact Energy rose 3.1 per cent to $5.25. Mainfreight, the international trucking and logistics company was up 2.1 per cent to $11.30. New Zealand Refining was up 2.1 per cent to $2.47.

Infratil rose 2.05 per cent to $2.24. DNZ Property Fund was up 1.9 per cent to $1.60. Fletcher Building rose 1.85 per cent to $8.25. New Zealand Oil & Gas was up 1.8 per cent to 85c.

Telecom rose 1.8 per cent to $2.30. Retailer The Warehouse was up 1.7 per cent to $3.00. Nuplex, the industrial chemicals and resins maker, was up 1.7 per cent to $3.05. Kathmandu Holdings rose 1.6 per cent to $1.93.

OceanaGold was down 4.35 per cent to $3.30. Argosy Property was down 3.2 per cent to 92c. Australian food ingredient maker Goodman Fielder was down 2.4 per cent to 81c.

Investment holdings company Guinness Peat Group was down 0.85 per cent to 59c. Jewellery retailer Michael Hill International was down 0.8 per cent to $1.22. Precinct Properties fell 0.5 per cent to 97c.

Property For Industry was down 0.4 per cent to $1.20. Restaurant Brands fell 0.4 per cent to $2.68. Trade Me Group fell 0.25 per cent to $4.00.

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- BusinessDay.co.nz

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