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

 


MARKET CLOSE NZ stocks fall from record; ANZ drops

MARKET CLOSE: NZ stocks fall from record; ANZ drops after 1H result, a2 declines

By Suze Metherell

May 1 (BusinessDesk) – New Zealand’s NZX 50 Index fell from a record. Australia and New Zealand Banking Group declined after lifted first-half earnings and a2 Milk Co fell after its manufacturing partner said it would take a month to meet new Chinese regulatory requirements.

The benchmark index fell 23.469 points, or 0.4 percent, to 5209.207. Within the index, 27 stocks fell, 12 rose and 11 were unchanged. Turnover was $137.4 million on a day when many Asian markets were closed for the May Day holiday.

Dual-listed ANZ, the Australian parent of New Zealand’s biggest lender, fell 1.6 percent to $36.80, having advanced to a six month high on the NZX and a record on the Australian stock exchange ahead of its result. Cash profit at the Melbourne-based bank rose 11 percent to A$3.52 billion, beating estimates in a Bloomberg survey.

Westpac Banking Corp slid 1.8 percent to $37.50 and was down 1 percent to A$34.76 on the ASX in afternoon trading while the National Australia Bank fell 1.9 percent to A$34.62 and Commonwealth Bank of Australia dropped 0.4 percent to A$78.60

“The view of many is that whilst the result was fine the banks have had a very strong run into this reporting season and may be due for a bit of a pause,” said Andrew Bascand, who manages about $1 billion in equities for Harbour Asset Management. “Yesterday’s close was unbelievable, and we are unwinding some of the excesses of yesterday.”

A2 Milk fell 1.2 percent to 80 cents after Synlait Milk, which processes A2 Milk’s Platinum infant formula, missed out in the first round of new registrations for China’s tougher regulation on infant formula importers. The regulation requires exporters demonstrate close ties with manufacturing. Synlait, which is outside the NZX 50, rose 1.4 percent to $3.73.

Casino operator SkyCity Entertainment Group led the index lower dropping 3.8 percent to $4.07. Chorus, the telecommunications infrastructure provider, fell 1.7 percent to $1.74 while outdoor goods retailer Kathmandu Holdings slipped 1.9 percent to $3.58.

The biggest companies on the market paced the decline. Fonterra Building, New Zealand’s largest listed company, dropped 1 percent to $9.75. Telecom, the nation’s largest telecommunications provider, slipped 1.3 percent to $2.735 and Xero, the cloud-based accounting software company, fell 1.5 percent to $31.19.

Among the day’s few gainers, Trade Me Group, the online auction website, rose 2.5 percent to $4.05. Auckland International Airport, the nation’s busiest gateway, climbed 1.3 percent to $4.02. Diligent Board Member Services, the governance app maker, advanced 1.5 percent to $4.61.

Government-controlled MightyRiverPower rose 0.4 percent to $2.335. Contact Energy advanced 0.2 percent to $5.70 and Meridian Energy fell 0.4 percent to $1.225. Outside the benchmark index, Genesis Energy, the last of the government’s energy companies to be partially privatised, dropped 1.3 percent to $1.875.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Callaghan Innovation: Investment To Help Deepen Innovation Reporting

Callaghan Innovation, the government’s high tech HQ for Kiwi business, is to help deepen New Zealand media coverage of the commercialisation of innovation through an arms-length partnership with independent business news service BusinessDesk. More>>

ALSO:

Tax Credits, Grants: Greens $1Bn R&D Plan

In the Party’s headline economic announcement, the Greens have launched their plan to build a smarter, more innovative economy which has as its centrepiece an additional $1 billion of government investment in research and development (R&D) above current spend, including tax breaks for business. More>>

ALSO:

Inflation: CPI Increases 0.3 Percent In June Quarter

The consumers price index (CPI) rose 0.3 percent in the June 2014 quarter, Statistics New Zealand said today. This follows rises of 0.3 percent the March quarter and 0.1 percent in the December 2013 quarter. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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