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

 


Infinz Welcomes The Imminent Float Of Mighty River Power


28 February 2013
For Immediate Release

Infinz Welcomes The Imminent Float Of Mighty River Power

New Zealand’s leading financial organisation, the Institute of Finance Professionals New Zealand Inc. (INFINZ) says the Government’s imminent float of Mighty River Power, following yesterday’s unanimous decision by the Supreme Court, is a positive development for New Zealand’s capital markets.

“The float of Mighty River Power would be a signifcant development for NZ’s capital markets,” says INFINZ Executive Director Jim McElwain.

Current market conditions are very favourable for new listings, with the NZX50 being up almost 25% during 2012 and there being unsatisfied demand for recent issues such as for the Fonterra Shareholders’ Fund Units.

“With greater confidence given to the market, the time has now come for Kiwi mum and dad investors to be given a wider range of options to invest in.”

“An imminent float of Mighty River Power would therefore be very timely,” says McElwain.

“It would also assist in building NZ’s capital markets. The value of all companies listed on the NZ equity market has slid from around 60% of GDP as recently as the mid-90s to just over 30% today.

“The float of a substantial company such as Mighty River Power would be a key step in reversing this slide in the capital markets, while full implementation of the mixed ownership programme has the potential to boost the size of the NZ sharemarket by 10 per cent.”

McElwain says greater depth and interest in our capital markets would create more favourable conditions for mid-sized Kiwi companies to list and raise capital to grow.

“More investment would mean more jobs and more Kiwi companies being owned by New Zealanders. A vibrant capital market is an essential element to achieving the aspirations we all have as New Zealanders for a better lifestyle.

“The float of Mighty River Power cannot come soon enough,” says McElwain.

About INFINZ
INFINZ is the leading industry body for capital markets professionals in New Zealand. INFINZ has a membership of approximately 700 individuals drawn from across the capital markets and includes treasury professionals, investment analysts, fund managers, bankers, lawyers and students. www.infinz.com

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news