New Zealand shares rose, joining a global rally, as demand for so-called growth stocks drove Xero and Wynyard Group to record levels, Warehouse Group led gains in most retailers and Chorus reached a month-high. The NZX 50 Index advanced 47.875 points, or about 1 percent, to 4913.034, the highest since Nov. 18. Within the index, 30 stocks rose, 11 fell …

Shares in Hallenstein Glasson dropped after the clothing retailer warned first-half profit will decline 39 percent after a poor Christmas sales period. The stock fell 15 percent to $3.62 after the Auckland-based retailer said December sales were 10 percent below the same month a year earlier, and cut its first-half profit expectations to between $6 million and $6.3 million from …

The New Zealand dollar touched an eight-year against its trans-Tasman counterpart ahead of Australia employment figures, which will give investors another update on how that economy is tracking. The kiwi rose as high as 93.96 Australian cents, the highest since December 2005, and traded at 93.51 cents at 8am in Wellington from 93.40 cents yesterday. The local currency was little …

Stocks on both sides of the Atlantic rose as the World Bank upgraded its forecast for global growth and as US corporate earnings such as from Bank of America were better than anticipated. The World Bank lifted its forecast for global growth, saying it expects the economy to expand 3.2 percent this year, up from 2.4 percent in 2013, and …

The New Zealand dollar climbed to a new eight-year high against its trans-Tasman counterpart after disappointing Australian jobs figures underlined the divergence between the neighbouring economies. The kiwi rose as high as 94.52 Australian cents, trading at 94.45 cents at 5pm in Wellington from 93.40 cents yesterday. It was little changed at 83.29 US cents at 5pm from 83.32 cents …

The New Zealand dollar slipped against the greenback ahead of the Federal Reserve’s regional outlook, known as the beige book, and US manufacturing figures, both of which will likely show more strength in the world’s biggest economy. The kiwi fell to 83.36 US cents at 5pm in Wellington from 83.77 cents at 8am and 83.70 cents yesterday. The trade-weighted index …

Xero has appointed Chorus marketing and sales general manager Victoria Crone to head its local operation as cloud-based accounting software maker continues its drive to grab customers. Crone will join Xero’s Auckland office in April this year as New Zealand managing director, joining the Wellington-based accounting software maker after 18 years with Telecom and Chorus. She previously managed Telecom’s sales …

US fund manager BlackRock, which manages more than US$4.1 trillion in assets worldwide, has built up a 5 percent stake in trans-Tasman casino and hotel operator SkyCity Entertainment Group. BlackRock Investment Management (Australia) declared the shareholding in SkyCity today, with almost 29.1 million shares, or 5.01 percent of the company, making the third fund manager to build a substantial investment …

New Zealand food prices fell for a third month due to cheaper vegetables which were in season, though more expensive milk pushed up prices over the year. The food price index slipped 0.1 percent in December, adding to the 0.2 percent and 1 percent declines in the prior two months, according to Statistics New Zealand. On an annual basis, food …

The New Zealand dollar closed in on last April’s record high on a trade-weighted basis as the local economy gathers momentum, fuelling expectations the Reserve Bank will have to hike interest rates to head off future inflation. The trade-weighted index rose to 79.10 at 8am in Wellington from 78.82 yesterday, the highest since it hit a post-float record 79.39 in …