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

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news