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 Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news