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

 

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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