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

 


MARKET CLOSE:NZ shares fall with ASX; Kathmandu, SKC drop

MARKET CLOSE NZ shares fall with ASX; Kathmandu, SkyCity drop; TradeMe sinks on downgrade

By Suze Metherell

May 19 (BusinessDesk) – New Zealand shares fell, paced by companies with exposure to a weaker Australian economy such as SkyCity Entertainment Group, Kathmandu Holdings and Michael Hill International. Trade Me Group slid after an analyst downgraded the stock.

The NZX 50 Index fell 18.409 points, or 0.4 percent, to 5167.780. Within the index, 24 shares fell, 15 rose and 11 were unchanged. Turnover was $121 million.

Australia’s S&P/ASX 200 Index dropped 1.1 percent in afternoon trading, as investors continued to digest the first Federal Budget from the Liberal-led government, which outlined major cuts in spending to rein in a deficit of A$49.9 billion, while projecting slower economic growth.

Kathmandu, the outdoor goods retailer that counts Australia as its biggest market, dropped 1.8 percent to $3.90. Brisbane-based jeweller Michael Hill slipped 0.8 percent to $1.29. SkyCity, which operates the Adelaide and Darwin casinos, declined 2.7 percent to $4.00.

The dual-listed Australian banks fell, Australia and New Zealand Banking Group declined 0.7 percent to $35.40 and Westpac Banking Corp fell 1.3 percent to $36.50.

“Australia is still reacting to their budget. That’s certainly not helping their market and also weaker resource prices as well are knocking a number of their stocks around,” said Grant Williamson, director at Hamilton Hindin Greene “If they’re not performing well then it is going to have some effect on our markets.”

Trade Me fell 1.9 percent to $3.65 with over $44 million of the stock changing hands after an analyst downgraded the auction website operator to “sell”, Williamson said. It is rated an average of “hold” according to 10 analysts surveyed by Reuters, with a median price target of $4.28.

Fletcher Building declined 0.3 percent to a three-month low of $9.10, extending its slide since the government said it will remove duties on imported building supplies and anti-dumping levies in a bid to bring down construction costs.

Precinct Properties New Zealand declined 1.4 percent, or 1.5 cents, to $1.055 as it shed rights to its interim dividend of 10.8 cents.

Goodman Property Trust fell 0.5 percent to $1.04 after its manager, Goodman (NZ), had its credit rating of BBB reaffirmed by Standard & Poor’s. The trust’s $295 million and $600 million senior secured bank debt was upgraded one notch to BBB+.

Fisher & Paykel Healthcare fell 0.2 percent to $4.30. The breathing apparatus manufacturer is due to report its full-year earnings this week and the market has “high expectations”, Williamson said.

Argosy Property fell 1.1 to 94.5 cents. The property trust reports its full-year financials tomorrow, but Williamson didn’t expect the results to move the stock significantly.

Telecom was unchanged at $2.73. Xero, the cloud-based accounting software company, advanced 0.6 percent to $32.40.

Ryman Healthcare gained 0.6 percent to $8.70. Summerset Group Holdings lifted 0.6 percent to $3.57. Metlifecare slipped 0.2 percent to $4.24.

OceanaGold Corp was the worst performer on the day, dropping 6 percent to $2.84.

Outside the benchmark index, Wellington Drive Technologies was unchanged at 14 cents after it said it had raised $2.2 million from shareholders in a convertible notes issue with a $5 million target. Shareholders would vote next month whether cornerstone shareholder and underwriter SuperLife could mop up the remaining $2.8 million.

Dual-listed Goodman Fielder was unchanged at 74 cents, and had gained 3.3 percent to 68.7 Australian cents on the ASX. The board of the Australian food maker has backed an A$1.37 million takeover offer from two Asian food manufacturers.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news