NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Economy

Xero flying high amid mixed trading on sharemarket

BusinessDesk
14 Sep, 2017 09:29 AM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

The share price of Xero, which is led by CEO Rod Drury, has rallied 55.6 per cent this year. Photo / Jason Oxenham

The share price of Xero, which is led by CEO Rod Drury, has rallied 55.6 per cent this year. Photo / Jason Oxenham

New Zealand shares were mixed, with investors positioning ahead of the general election on September 23. Xero rose to a three-year high with Summerset Group up while Vector fell.

The S&P/NZX 50 Index fell 8.2 points, or 0.1 per cent, to 7819.23. Within the index, 23 stocks rose, 21 fell and six were unchanged. Turnover was $146 million.

"The election is still very much in focus. Volume running through the market in the morning was very light. There's not a lot of corporate news flow," said Peter McIntyre, investment adviser at Craigs Investment Partners.

"We've been quick to move away from geopolitical events to the election - we've seen different polls come through, and market participants positioning themselves, because at this stage it's fifty-fifty."

Xero was the best performer, up 3.2 per cent to $28.10, the highest it has traded since June 2014. The stock has rallied 55.6 per cent this year.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

"There has been some talk that Xero could benefit if our tax system changes, I think there's more to it than that," McIntyre said. "Once it starts to break even they'll definitely see earnings growth. Its uptake within New Zealand and Australia is strong, but it has still got that global appeal to it."

Summerset Group gained 2 per cent to $5.10.

It plans to build its fifth retirement village in the greater Wellington region with the purchase of a 6ha block of land north of the city. The Wellington-based company wants to develop a 290-unit village with a rest home and hospital care.

Advertisement
Advertise with NZME.

It is Summerset's seventh greenfield site. The land is in Porirua's Kenepuru Landing development, a joint residential development between local iwi Ngati Toa and Tauranga-based developer Carrus Corp.

"It still sees a lot of growth in the marketplace. I don't think it comes as a surprise," McIntyre said. "There have been some reports saying that if retirement villages weren't developing those sites New Zealand would have a massive shortfall. It's a bit of positive news from Summerset which reported very well."

Air New Zealand was the worst performer, down 2.6 per cent to $3.33, while Arvida Group shed 1.6 per cent to $1.23.

Vector dropped 2.4 per cent to $3.22.

Discover more

Small Business

New Xero apps switch focus to front office

13 Sep 03:27 AM
New Zealand

Live: James Shaw Q+A ahead of election

14 Sep 07:15 AM
World

North Korea threatens to 'reduce US to ashes'

14 Sep 09:10 AM

"It's been weak since posting a reasonable result. It looks likely it will be removed from some FTSE indices this coming Friday," McIntyre said. "There is obviously some selling that has to occur so that's provided some weakness to the share price."

Auckland Airport dipped 0.3 per cent to $6.36.

"For the month rolling it's down over 5 per cent. It's a stock that usually has good liquidity running through it," McIntyre said. "I think there are still concerns, even though the growth outlook is strong. It's doing massive capital outlay and maybe some parts of the market have concerns about that effect on its earnings."

Outside the benchmark index, Turners Automotive Group fell 4.8 per cent to $3.20. On Wednesday it was halted during a $25m placement at $3.02 per share, which was fully subscribed with the underwriter not called on to top up the discounted offer.

"That was eagerly sought after - it was snapped up," McIntyre said. "Those able to participate will be happy. It has a good relationship with Motor Trade Finance. It's good news it was able to complete the placement so quickly overnight."

Save

    Share this article

Latest from Economy

Premium
Business|personal finance

Surge in new vehicle sales: Industry insiders explain three factors behind spike

04 Jul 05:00 AM
Premium
Property

Rich-lister helps fund $2m+ Akl school pool upgrade

04 Jul 03:00 AM
Premium
Property

Kiwi storage chain owner sells up to Australian giant Kennards

04 Jul 01:00 AM

There’s more to Hawai‘i than beaches and buffets – here’s how to see it differently

sponsored
Advertisement
Advertise with NZME.

Latest from Economy

Premium
Surge in new vehicle sales: Industry insiders explain three factors behind spike

Surge in new vehicle sales: Industry insiders explain three factors behind spike

04 Jul 05:00 AM

Tesla and BYD fight it out in a resurgent EV market.

Premium
Rich-lister helps fund $2m+ Akl school pool upgrade

Rich-lister helps fund $2m+ Akl school pool upgrade

04 Jul 03:00 AM
Premium
Kiwi storage chain owner sells up to Australian giant Kennards

Kiwi storage chain owner sells up to Australian giant Kennards

04 Jul 01:00 AM
Premium
18,800 people booked for NZICC; anaesthetists, ophthalmologists the latest

18,800 people booked for NZICC; anaesthetists, ophthalmologists the latest

03 Jul 10:39 PM
From early mornings to easy living
sponsored

From early mornings to easy living

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP