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

 


MARKET CLOSE: NZ shares fall; Fletcher, Xero drop

MARKET CLOSE: NZ shares fall; Fletcher, Xero, Auckland Airport, Telecom drop

By Suze Metherell

March 11 (BusinessDesk) – New Zealand stocks fell for a second day as some investors took advantage of a market that reached a record last week to reduce their holdings. New Zealand’s four largest listed companies, Fletcher Building, Xero, Auckland International Airport and Telecom, paced the decline.

The NZX 50 Index fell 15.898 points, or 0.3 percent, to 5101.937. Within the index, 25 stocks fell, 18 rose and seven were unchanged. Turnover was $ 145 million. The benchmark index has gained 6.9 percent this year, and was up 3 percent last week, to a record close of 5125.652 on Friday.

Fletcher, New Zealand’s largest listed company, dropped 1.7 percent to $9.69, while the second largest, Wellington-based Xero, slipped 0.5 percent to $44.75. Auckland International Airport declined 1.6 percent to $3.81, and Telecom fell 0.8 percent to $2.435.

“We’re probably overdue for a little bit of a correction on the market and there is one or two investors out there looking to take some profits off the table after what’s been a pretty good run up on the market,” said Grant Williamson, director at Hamilton Hindin Greene.

Outdoor-clothing retailer Kathmandu Holdings, which gets two thirds of sales in Australia, slipped 2.2 percent to $3.6. SkyCity Entertainment Group, which has casino and hotel operations in Darwin and Adelaide, dropped 1 percent to $3.90.

“It was highlighted in the financial reporting season that companies that had a lot of exposure to sluggish Australian economy were just struggling a little bit,” Williamson said. “It does remain a concern for investors and they are keeping a pretty close eye on any company that does have any exposure over there.”

Chorus rose 0.6 percent to $1.57 after the telecommunications network operator said it reached an initial deal with Crown Fibre Holdings giving it more cash flow certainty for the ultrafast broadband roll-out. The stock has fallen 47 percent in the past 12 months because of looming price controls.

“Investors are just regaining a little bit of confidence in the Chorus story. That share price has moved a little bit higher in the last month or so, obviously it has come from a very sold down position,” Williamson said.

Breathing apparatus manufacturer Fisher and Paykel Healthcare climbed 2.6 percent to $4.27, its highest since 2007. Ebos Group, the healthcare and animal care company, rose 2 percent to $10.40.

“The healthcare sector is quite a defensive sector to invest in, and investors are certainly paying close attention to that,” Williamson said.

OceanaGold Corp was the benchmark’s worst performer, down 5.2 percent to $2.75.

Outside the index, Wynyard Group rose 1 percent to $2.91. The specialist security software company announced a new deal with United Kingdom-based Radio Tactics to deliver an advanced mobile device analytics service for extracting data from seized mobile devices.

Retailer Postie Plus, climbed 11 percent to 10 cents after announcing first-half sales fell 9.9 percent in the six months ended Feb. 3 and said it expects to have a “significant” net loss before tax in the year ending Aug. 3, though smaller than last year’s loss of $10.6 million.

Allied Farmers extended yesterday’s gains climbing 7.1 percent to 6 cents, near a seven month high. Last Friday it was reported Ron Brierley had taken a 2.87 percent stake and was the fifth largest investor in the Hawera-based company.

Wool Equities, which processes wool for its grower shareholders, suspended trading this afternoon and will de-list from the small-cap New Zealand Alternative Market on Friday. The company is negotiating a potential merger with Primary Wool Cooperative, a farmer-owned joint venture with wool broker Elders.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Net Annual Migration Passes 71,000

A record 71,300 more migrants arrived in New Zealand than left in the January 2017 year, Statistics New Zealand said today. This surpassed the previous annual record set in December 2016. More>>

ALSO:

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news