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

 


MARKET CLOSE: NZ shares rise

MARKET CLOSE: NZ shares rise; MRP, Meridian and Vector gain ahead of Genesis IPO

By Suze Metherell

April 4 (BusinessDesk) – New Zealand stocks rose ahead of the Genesis Energy offer as investors sought to reweight their energy holdings in anticipation they won’t be allocated as many shares in Genesis as they had hoped. Meridian Energy, MightyRiverPower and Vector advanced.

The NZX 50 Index rose 1.529 points, or 0.03 percent, to 5123.901. Within the index stocks were mixed as 16 rose, 21 fell and 13 were unchanged. Turnover was $113.7 million.

Genesis, New Zealand’s largest electricity retailer by customer base, is the last on the block in the government’s partial privatisation programme which saw it sell minority holdings in Meridian and MightyRiverPower. Genesis stock may be in demand because of its high dividend yield, with 40 percent set aside for institutional investors, and the remaining 9 percent for retail.

Meridian rose 2.2 percent to $1.15. MightyRiverPower gained 0.5 percent to $2.17, while Auckland lines company Vector climbed 1.2 percent to $2.50. Contact Energy declined 0.9 percent to $5.30.

Some investors “have had to get their weight up by buying some of the existing energy stocks on the market,” said James Smalley, a broker at Hamilton Hindin Greene. “They’d been deliberately underweight anticipating to get proper weighting through Genesis but with the price and interest in Genesis a number of funds won’t get anything near what they’re after.

“If we are seeing some selling in our local market it’s due to people raising funds on the retail side for the Genesis IPO,” Smalley said.

Xero snapped a seven day decline to advance 1.6 percent to $37.80 after the cloud-based accounting software firm said its annual subscription revenue rose 84 percent. The Wellington-based company widened its full year loss to $35 million as it hired more staff to fuel growth.

“Long term investors would be very happy to see that announcement come out, and see that the growth is still there,” Smalley said.

Fletcher Building, New Zealand’s largest listed company, rose 0.7 percent to $9.59. Sky Network Television rose 1.8 percent to $6.35, while casino operator SkyCity Entertainment Group advanced 1.8 percent to $3.90.

Pacific Edge, the makers of the non-invasive bladder cancer detection test, led the benchmark index higher, up 2.3 percent to $1.33.

Units in the Fonterra Shareholders’ Fund, which give investors access to the cooperative’s dividend stream, declined 1.4 percent to $6.20. The world’s largest dairy exporter was fined $300,000 by Wellington District Court for breaches in the Animal Products Act after last year’s botulism scare lead to a global recall.

Auckland International Airport rose 0.9 percent to $3.95. Telecom slipped 0.2 percent at $2.53.

Ebos Group, the healthcare and animal care products company, was the worst performer down 4.7 percent to $9.44. Fisher & Paykel Healthcare, the breathing apparatus manufacturer and exporter, fell 1.9 percent to $4.13. Trade Me Group, the online auction website, slipped 2.7 percent to $4.01.

Outside the benchmark index, Moa Group soared 21 percent to 64 cents. The Auckland-based beer maker said it sold 3.67 million bottles in the year ended March, after cutting its sales target last year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

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