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

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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