Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


MARKET CLOSE: NZ shares fall as Fletcher sheds dividend

MARKET CLOSE: NZ shares fall as Fletcher, SkyCity shed dividend; Wrightson drops

Sept. 26 (BusinessDesk) - New Zealand shares fell, pushing the NZX 50 Index from a 4 ½-year high as Fletcher Building and SkyCity Entertainment Group shed their dividends. Rural services company PGG Wrightson fell after dairy giant Fonterra posted a drop in annual sales.

The NZX 50 Index fell 15.99 points, or 0.4 percent, to 3809.32. Within the index, 30 shares fell, nine rose and 11 were unchanged. Turnover was $118 million.

Fletcher Building, New Zealand's largest construction company, fell about 3 percent to $6.85 after shedding its 17 cents a share final dividend. SkyCity Entertainment, the casino and hotel operator, dropped 3.6 percent to $3.78after going ex its 8 cent final dividend. Michael Hill International, New Zealand's only listed jewellery maker, fell 0.8 percent to $1.18. It will pay a final dividend of 3.5 cents..

The decline was led by Wrightson, New Zealand's largest agricultural company, down 5.4 percent to 35 cents. Fonterra Cooperative Group, the world’s largest exporter of dairy products, missed its forecast with a 19 percent drop in its 2012 payout to farmers, reflecting lower prices for milk and a stronger kiwi dollar, and in spite of record production.

"I don't think there is a great surprise with Fonterra - the share price may have reacted to that but there are a lot of conflicting factors with PGG," said Matthew Goodson, portfolio manager at BT Funds Management.

Nuplex Industries fell 3.7 percent to $2.85. The company announced earlier this week it would close four plants in Australia and New Zealand in the next two years as the trading outlook dims, eliminating jobs in a restructuring effort that will slice $17 million from forecast 2013 profit.

Hallenstein Glasson Holdings, the clothing chain, fell 0.2 percent to $4.60. The Auckland-based company posted a 15 percent rise in full-year earnings to $21 million, beating estimates as the retailer increased market share. Sales increased 4.9 percent to $215.6 million. The stock has gained about 34 percent this year.

"We have seen clothing retailers, particularly in Australia, experience something of a pick-up," Goodson said. "That has had some impact on Hallenstein's because they are in that market."

Pumpkin Patch, the children's clothing retailer, was unchanged at $1.18 ahead of its full-year results tomorrow.

"They have given reasonable pre-guidance so one would expect they could beat that slightly," Goodson said. "The thing is to look for is stability in their retail operations and growth online."

Trade Me, the online auction site controlled by Fairfax Media, rose 0.5 percent to $3.98 on a day when a rival online auction site start-up was announced..

Telecom, the largest company on the exchange, climbed 0.2 percent to $2.395.

New Zealand Oil & Gas rose 0.6 percent to 83 cents after the company confirmed it will drill the inshore Taranaki oil and gas prospect, Kakapo, but is still looking for at least one more farm-in partner and a suitable drilling rig.

Wellington Drive Technologies, which makes energy-efficient motors, soared 21 percent to 17 cents after the Auckland-based company said it has signed a licensing agreement with a US company worth US$100,000 to US$400,000 a year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news