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

 

Real Estate: Housing Prices Head South In Most Of NZ

Housing became more affordable for first home buyers in many parts of the country including Auckland last month, as falling prices more than offset rising mortgage interest rates. More>>

ALSO:

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:

NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news