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


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."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


New Bill Introduced: GST On Online Services

These measures are an important first step in the Government’s efforts to deal with increasing volumes of online services and other intangibles purchased from overseas suppliers that should, under New Zealand’s tax rules, be subject to GST. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news