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

 


MARKET CLOSE: NZ shares mixed; Wrightson gains

MARKET CLOSE: NZ shares mixed; Wrightson gains as Fonterra units snapped up

Nov. 27 (BusinessDesk) - New Zealand shares were mixed. PGG Wrightson rose to the highest in more than a month after the sale of Fonterra units underlined the appeal of the rural sector, while Kiwi Income Property Trust fell after shedding its dividend.

The NZX 50 Index fell 2.41 points, or 0.1 percent, to 4009.60, holding above 4000 for a third session. Within the index, 20 stocks rose, 18 fell and 12 were unchanged. Turnover was $115 million, with just less than a fifth of that made up of trading in Fletcher Building shares.

Fletcher, the biggest company on the bourse, edged up 0.1 percent to $7.98, having reached $8.01 in intraday trading.

“We’re not getting a lot of people taking profits,” said Greg Easton, an adviser at Craigs Investment Partners. “There’s still buying interest and still a hunt for yield.”

Wrightson, the nation’s largest rural services company, rose 2.9 percent to 36 cents, a level it hasn’t reached since Oct. 19. Fonterra priced its units at $5.50 apiece, the top end of the range proposed in a bookbuild, with strong global demand ensuring 42 percent of the fund has been sold to overseas investors. The units are entitled to the dividends on Fonterra’s shares.

Among smaller stocks, Renaissance, the Apple retailer and design school operator, soared 14 percent to 16 cents after the company hired Grant Samuel & Associates for a strategic review, saying the current share price of the company is “substantially below the value of its component divisions,” making the company vulnerable to a takeover.

Shareholders of New Talisman Gold Mines applied for only 52 percent of shares on offer under its renounceable rights issue, leaving the underwriter to make up the balance.

New Talisman, the gold mining company formerly known as Heritage Gold NZ, was unchanged at 1.1 cents after shareholders subscribed for only about half the shares in its rights offer. The capital raising was underwritten.

Contact Energy, the biggest power company on the NZX 50, rose 2.3 percent to $5.27. Steel & Tube Holdings, which sells steel building materials, gained 1.4 percent to $2.26.

Kiwi Income Property Trust dropped 2 percent to $1.15 after going ex-dividend, meaning investors are no longer entitled to its 3.3 cent interim dividend.

NZ Refining, which operates the nation’s only oil refinery, fell 2.5 percent to $2.71. Telecom, the biggest phone company on the NZX 50, fell 0.9 percent to $2.33.

Fisher & Paykel Healthcare rose 1.2 percent to $2.53 and Guinness Peat Group declined 0.9 percent to 59 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news