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

 

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:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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