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

 


MARKET CLOSE: NZ shares fall; Fletcher and Air NZ drop

MARKET CLOSE: NZ shares fall; Fletcher and Air NZ drop, Warehouse, MRP go ex-div

By Suze Metherell

March 10 (BusinessDesk) – New Zealand stocks fell as a drop in Chinese exports and producer prices weighed on equity markets across the Asia Pacific region. Fletcher Building and Air New Zealand paced the decline, and Warehouse Group, MightyRiverPower and Heartland New Zealand shed their dividends.

The NZX 50 Index fell 7.817 points, or about 0.2 percent, from a record to 5117.835. Within the index, 27 stocks fell, 16 rose and seven were unchanged. Turnover was $102.4 million.

China’s exports tumbled 18 percent in February from a year earlier, while producer prices sank 2 percent, stoking concern demand may falter in the region’s biggest economy. In afternoon trade Japan’s Nikkei 225 Index fell 1 percent, Hong Kong’s Heng Seng Index dropped 1.4 percent and Australia’s ASX 200 Index slipped 0.9 percent.

“Both Australian and Asian indexes are around about 1 percent lower, and we’re seeing a little bit of selling from investors in those markets leaking into our market,” said Bryon Burke head of equities at Craigs Investment Partners. “Most of our stocks have been on a bit of high after last week.”

The benchmark 50 gained 3 percent last week, to a record close of 5125.652 on Friday.

Fletcher, New Zealand’s biggest listed company, slipped 0.4 percent to $9.86, while Air New Zealand slipped 1.8 percent to $1.865. Contact Energy, the electricity generator and provider, fell 1.7 percent to $5.21.

Further weighing on the benchmark index was a handful of stocks shedding rights to their interim dividends.

Warehouse was the day’s worst performer, dropping 4.9 percent to $3.27 after shedding its 13 cent interim payment. Government-controlled MightyRiverPower slipped 2.4 percent to $2.015, Argosy Property Limited declined 2.1 percent to 91.5 cents and Heartland fell 1.1 percent to 89 cents.

Outdoor-goods retailer Kathmandu Holdings led the day’s gainers climbing 2.5 percent to $3.68. Brisbane-based jeweller Michael Hill International was up 2.3 percent to $1.34.

Auckland International Airport rose 0.3 percent to $3.87, and Xero gained 0.4 percent to $44.98. Telecom declined 0.2 at $2.455.

Outside the benchmark index, Wellington Drive Technologies plunged 28 percent to 13 cents after saying it will raise $5 million selling mandatory convertible notes to shareholders to fund growth aspirations.

Wynyard Group rose 0.7 percent $2.88. The advanced crime analytics software company announced a three-year deal with stock market operator NZX for its investigative case management solution.

Allied Farmers climbed 14 percent to 5.6 cents. Last week it was reported Ron Brierley had acquired 2.87 percent and was the fifth largest investor in the Hawera-based company.

SeaDragon rose 5.3 percent to 2 cents. Australasia’s largest fish-oil refiner announced a new raw material supply agreement of shark livers and shark liver oil used in its squalene manufacturing operations.

PGG Wrightson, the agricultural services company, slipped 5.5 percent to $2.88 as it shed rights to its 2 cents per share interim dividend, which will be paid out on April 2.

Seeka Kiwifruit Industries was unchanged at $2.37. The fruit grower and cool store operator said it has a conditional sale agreement with Opotiki Packing and Cool Storage to sell back its 20 percent stake in the company for $3.2 million, which Seeka will use to repay debt.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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