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

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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