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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news