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

 


TUANZ to Seek Inquiries over Chorus Share Price Movements

TUANZ TO SEEK NZX, FMA & SSC INQUIRIES


The Telecommunications Users Association of New Zealand (TUANZ) will write tomorrow to the New Zealand Stock Exchange (NZX), the Financial Markets Authority (FMA) and the State Services Commission (SSC) asking them to investigate unusual movements in the share price of Chorus Ltd (NZX: CNU).

On Friday, when a report by EY Australia into the financial viability of Chorus was received by the government but not released publicly, shares in Chorus Ltd jumped by over 7%. Today, after the report was rushed out on Saturday by Communications & IT Minister Amy Adams, the shares have remained broadly stable.

A similar trading pattern has been observed other times that Ms Adams has made major announcements, such as when she issued a Discussion Document on pricing for copper broadband and voice services in August.

"Looking at the graphs, it seems when Ms Adams makes a market-sensitive announcement, shares in Chorus move significantly beforehand but not after," TUANZ chief executive Paul Brislen said today.

"While TUANZ is not making any accusations against anyone, many hundreds of millions of dollars are at stake. The strange price movements in Chorus shares over the last year merit investigation by the NZX and FMA in order to assure everyone that no insider trading has occurred.

"Given the strange price changes all seem connected with government announcements, it also makes sense for the SSC to investigate the matter, as it did over the leaks about MFAT restructuring.

"Assurances are needed that people who may be privy to forthcoming government announcements are neither trading on that information themselves nor providing it to third parties."

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news