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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news