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

 


MARKET CLOSE: NZ shares fall ahead of MRP sale close

MARKET CLOSE: NZ shares fall ahead of MRP sale close; Skellerup drops on guidance

May 2 (BusinessDesk) – New Zealand shares fell ahead of the close of the MightyRiverPower offer as investors free up funds to participate in the government sale. Skellerup Holdings dropped after cutting its annual profit guidance a second time.

The NZX 50 Index dropped 28.55 points, or 0.6 percent, to 4574.46. Within the index, 31 stocks fell, 12 rose and seven were unchanged. Turnover was $149.5 million.

Stocks were generally weaker across Asia, with the Nikkei 225 Index down 1 percent, after a second reading on China’s HSBC Flash PMI came in weaker.

Skellerup, the industrial rubber goods maker, tumbled 10 percent to $1.33 after saying net profit would be $17 million in the year ended June 30, from a $20 million forecast in February, because drought had hurt local demand and North American and European sales were tracking below forecast.

“Whilst the very recent rain is a welcome relief for our customers and Skellerup, we will not fully recover the deferred sales within the current financial year as farmers will delay some of their buying till the new season,” chief executive David Mair said.

Diligent Board Member Services fell 6.1 percent to $6.81 and Xero declined 6 percent to $12.50 as the two tech darlings extended their retreat from record highs.

Fisher & Paykel Healthcare declined about 3 percent to $2.61 and SkyCity Entertainment Group fell 2.9 percent to $4.40. Sky Network Television fell 2.2 percent to $5.67.

Kathmandu, the outdoor equipment chain, rose 9.4 percent to $2.69, adding to its 9.3 percent jump yesterday, when the company said sales rose 13 percent to $89.7 million in the 13 weeks ended April 28, maintaining the momentum in revenue growth from the first half of the financial year.

Ryman Healthcare, the retirement village operator that has recorded a decade of profit growth, rose 4.3 percent to a record $6.26.

“We are seeing increased interest from overseas investors as Ryman builds its first village in Australia and appoints its first Australian director,” said James Schofield, vice president, equity research, at First NZ Capital. “As baby boomers retire, Ryman will benefit from demographic trends on both sides of the Tasman.”

Rival retirement village company Summerset Group gained 1.3 percent to $3.20.

TrustPower rose 2.7 percent to $6.26 and Contact Energy gained 0.4 percent to $5.27 after business lobbyists called on the opposition Labour and Green parties to abandon a policy to regulate electricity.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Wool Exports Jump To The Highest In More Than A Decade

New Zealand wool exports jumped to their highest level in more than a decade in June, aided by a lower currency and strong demand from China, the nation’s largest market. More>>

ALSO:

Surreal Estate: Home Values Rise At Fastest Rate In Seven Years

The latest monthly QV House Price Index shows that nationwide residential property values for July have increased 10.1% over the past year which is the fastest annual rate since 2007... The Auckland market has increased 18.8% year on year. More>>

ALSO:

New Employment Laws: Talley’s AFFCO Workers To Strike

The decision comes after the Talley’s owned company walked away from mediation last week and applied to end bargaining under the government’s new employment laws - the first such application since the law came into effect. More>>

ALSO:

Private Action: Employer Pleads Guilty Over Forestry Death

The CTU has always known that the death of forestry worker Charles Finlay was due to the poor health and safety practices of his employer... "The CTU, with the support of Charles’s family, needed to take this ground breaking private prosecution." More>>

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news