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

 

Media: Fairfax Moves To Create Modern Newsroom

Fairfax Media New Zealand continues its newsroom transformation this week, with a proposal to further organise its editorial operations into focused, local teams and specialist national topic areas. More>>

ALSO:

Dairy: Fonterra Forecast For 2015/16 Season

Fonterra Co-operative Group Limited has today reduced its forecast Farmgate Milk Price for the 2014/15 season to $4.40 per kgMS. Along with its previously announced forecast dividend range of 20-30 cents per share, the change amounts to a forecast ... More>>

ALSO:

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>


BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news