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

 


MARKET CLOSE: NZ shares fall to end quarter little changed

MARKET CLOSE: NZ shares fall to end quarter little changed; Air NZ drops

By Jonathan Underhill

June 30 (BusinessDesk) - New Zealand shares fell on the final day of the quarter and financial year-end, leaving the NZX 50 Index little changed in the past three months. Air New Zealand, Pacific Edge and Telecom Corp paced the day's decline.

The NZX 50 fell 2.769 points, or 0.1 percent, to 5141.477. Over the second quarter, the index slipped 0.1 percent. Within the index, 18 stocks fell, 19 rose, and 13 were unchanged. Turnover was $99.8 million.

The index turned negative late in the session even after ERoad confirmed talk that it would go public, announcing plans for a $40 million initial public offering before a listing on the NZX. Some investors had speculated the decision by Hirepool to withdraw from its IPO would deter other companies from seeking to sell shares.

"Markets are rebalancing at the end of the month," said James Lee, head of institutional equities at First NZ Capital. "The new listing market has not closed at all. It is just a sign that things have to be priced correctly and reflect the risks." First NZ is lead manager for the ERoad IPO.

Air New Zealand declined 2.4 percent to $2.08 and Pacific Edge, which markets a test for bladder cancer, declined 4.9 percent to 78 cents. Telecom, the nation's biggest phone company, fell 1.5 percent to $2.68 and was the most heavily traded stock by value, with shares worth almost $16 million changing hands.

Fletcher Building, the nation's biggest building materials and construction group, rose 0.2 percent to $8.81, paring an earlier gain after cabinet ministers Nick Smith and Craig Foss announced a five-year suspension of import tariffs on building materials, a move aimed at reducing building costs and stoking competition. Meantime, government figures showed a drop in residential building consents in May, reflecting a drop in apartments.

NZX, the stock market operator, fell 2.2 percent to $1.31 after the Financial Markets Authority released its annual of the company's compliance with its regulatory obligations, while listing 11 actions it should take to further improve transparency and operations.

Warehouse Group, the biggest retailer on the bourse, rose 0.7 percent to $3.10 after announcing it would take over five Auckland store leases and offer employment to staff when Australian discount electrical goods retailer The Good Guys exits the New Zealand market.

OceanaGold, which operates the Macraes gold field, rose 1.5 percent to $3.44. New Zealand’s largest gold miner says it has a new $200 million revolving credit facility maturing on June 30, 2017, replacing existing facilities maturing on June 30, 2015.

Tower, the general insurer, rose 2.8 percent to $1.81 to be the biggest gainer on the NZX 50.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

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