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

 

Media: Fairfax Moves To Create Modern Newsroom

Fairfax Media New Zealand continues its newsroom transformation this week, with a proposal to further organise its editorial operations into focused, local teams and specialist national topic areas. More>>

ALSO:

Dairy: Fonterra Forecast For 2015/16 Season

Fonterra Co-operative Group Limited has today reduced its forecast Farmgate Milk Price for the 2014/15 season to $4.40 per kgMS. Along with its previously announced forecast dividend range of 20-30 cents per share, the change amounts to a forecast ... More>>

ALSO:

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>


BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news