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

 


MARKET CLOSE: NZ shares fall; Meridian, MightyRiverPower dip

MARKET CLOSE: NZ shares fall on concern National’s election chances dented, Meridian, MRP fall

By Suze Metherell

May 6 (BusinessDesk) – New Zealand shares fell for a second day, with the NZX 50 Index extending is slide from a record. Energy stocks fell, paced by Meridian Energy, MightyRiverPower and Contact Energy, on concern missteps by National ministers have dented the party’s re-election prospects,

The benchmark index fell 25.356 points, or about 0.5 percent, to 5174.897. Within the index, 22 stocks fell, 16 rose and 12 were unchanged. Turnover was $147 million.

Prime Minister John Key has been forced to accept Maurice Williamson’s resignation as a minister while opposition parties have called for the resignation of justice minister Judith Collins over her support for Oravida, an exporter to China that is linked to her husband and is a National Party donor.

Meridian fell 0.8 percent to $1.19. Contact declined 1.1 percent to $5.60 and MightyRiverPower dropped 1.3 percent to $2.28. Outside the benchmark index, Genesis Energy slipped 0.3 percent to $1.845.

A central election pledge of opposition parties is to establish a central buyer for electricity, effectively regulating prices, in a bid to push consumer electricity prices down. The policy dampened interest in the government’s partial privatisation of MightyRiverPower, Meridian and Genesis.

“The energy companies do seem to move around a bit depending on people’s feeling towards parties and how the election might shape out,” said Chris Timms, investment adviser at Craigs Investment Partners, “Maurice Williamson and the on-going saga with Judith Collins – people are anticipating that will have an impact on people’s voting.”

Skellerup Holdings, the industrial rubber manufacturer, led the market lower, falling 4 percent to $ 1.68.

Fletcher Building, New Zealand’s largest listed company, fell 2.1 percent to $9.56. Nuplex Industries dropped 1.7 percent to $3.39 while Steel & Tube declined 2.3 percent to $3.00.

Telecom, the nation’s largest telecommunication provider, fell 0.9 percent to $2.64. Xero, the cloud-based accounting software firm, slid 1.4 percent to $30.90.

The day’s gainers were led by TrustPower, up 2.5 percent to $6.92. Pacific Edge, the Dunedin-based biotech company, rose 1.9 percent to $1.10 and Ebos Group, the drug, medical consumables and pet supplies distributor, climbed 1.5 percent to $9.35.

Auckland International Airport rose 0.5 percent to $4.11. Its Queenstown airport has been given approval to receive night flights.

Warehouse Group, New Zealand’s largest listed retailer, fell 0.6 percent to $3.38. Brisbane-based jeweller Michael Hill International dropped 0.8 percent to $1.32. Online auction site Trade Me Group declined 0.7 percent to $4.04.

Units in Fonterra Shareholders’ Fund declined 0.3 percent to $6.03. The units give investors access to Fonterra Cooperative dividend stream. A2 Milk Company, the milk marketer, fell 1.3 percent to 78 cents. Outside the benchmark index, Synlait Milk, the dairy processor which counts China’s Bright Dairy as a cornerstone shareholder, slipped 0.5 percent to $3.78.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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