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

 


MARKET CLOSE: NZ shares fall; Goodman, Refining leave index

MARKET CLOSE: NZ shares fall; Goodman Fielder, NZ Refining leave index

Dec. 21 (BusinessDesk) – New Zealand shares fell, snapping a three-day rally as further delays to fiscal cliff talks in the US weighed on equity markets across Asia. Goodman Fielder and NZ Refining dropped as they exited the NZX 50 Index.

The NZX 50 fell 20.71 points, or 0.5 percent, to 4054.74. Within the index, 24 stocks fell, 20 rose and six were unchanged. Turnover was $165 million.

Goodman Fielder, the Australian food manufacturer, dropped 3.8 percent to 76 cents and NZ refining, the nation’s only oil refinery, declined 2.8 percent to $2.43. The two companies are leaving the benchmark index after the latest quarterly re-weightings, effective at the market open on Monday.

They will be replaced by retirement village operators Summerset Group, which fell 0.5 percent to $2.22 today, and Metlifecare, up about 2 percent to $3.13.

“A lot of people are out of the market ahead of Christmas,” said Rickey Ward, equities manager at Tyndall Investment Management. “The index changes are the main event today.”

Shares were generally weaker across the Asia Pacific region and US index futures fell after House Republican leaders cancelled a vote that allow higher taxes, a concession to the White House in the fiscal cliff talks.

Fletcher Building, the biggest company on the NZX 50, fell 2.4 percent to $8.25 and Telecom dropped 2.6 percent to $2.26. Port of Tauranga, the busiest export port, fell 1.8 percent to $13.25.

Diligent Board Member Services was the biggest gainer, rising 3 percent to $5.46 extending its 160 percent gain this year to a new record.

Chorus, the network company spun off from Telecom last year, rose 2.8 percent to $2.92, clawing back some ground after slumping this month on the threat of price controls.

Allied Farmers rose 16 percent to 2.9 cents. Crown Asset Management, the entity set up to handle assets from failed finance companies backed by the government’s deposit guarantee, will take up what’s left of the decimated Hanover and United Finance property assets from Allied, the company said today.

Abano Healthcare rose 4.1 percent to $6.30. The specialist healthcare investor and operator met its guidance with a jump in first-half profit as it acquired more dental practices in Australia and New Zealand.

Net profit was $1.5 million in the six months ended Nov. 30, from $600,000 a year earlier, the Auckland-based company said in a statement. Sales rose to $107.9 million from $102 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news