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

 


MARKET CLOSE: NZ shares drift as Metroglass IPO lines up

MARKET CLOSE: NZ shares drift as Metroglass IPO lines up

July 7 (BusinessDesk) - New Zealand shares fell marginally on low volumes as local holidays and the Friday US Independence Day closure kept investors on the sidelines, albeit domestically focused specialty glass provider Metro Performance Glass issued the latest in a string of initial public offer prospectuses.

The NZX 50 Index fell 2.545 points, or 0.04 percent, to 5186.360. Within the index, 19 stocks fell, 19 were unchanged, and 12 rose. Turnover reflected the quiet day, at $83.4 million on trading of just 23.3 million shares.

"It's the school holidays," said Brian Gaynor, a principal at Milford Asset Management, who declined to give a view on the quality of the Metroglass float.

Metroglass, which has more than half the New Zealand glass processing market, will raise $244.2 million in an initial public offer, almost all of which will go to its current owners who have spent $40 million since taking control.

"The prospectus forecasts show they are going from eight (million dollars), to 12, to 21 million," Gaynor said. "There are some pretty optimistic forecasts compared to what they did in the past. Private equity are selling their shares. People can come to their own conclusions."

Vista Entertainment Group also posted a several hundred page prospectus on its website, after announcing a $100.3 million IPO, of which $40 million will be new capital to pursue commercial opportunities.

Among market leaders, the biggest fall for the day was 2.8 percent by Mainfreight, to $14.43, followed by outdoor clothing firm Kathmandu, down 1.9 percent to $3.19, and retirement village operator Summerset at $3.37, down 1.75 percent. Telecom Corp fell 0.9 percent to $2.67 while Fletcher Building gained 1 percent to $9.06.

Chorus rose 0.6 percent to $1.75 after the Commerce Commission sought submissions on the company's proposed services that would operate outside regulation.

Online auction site Trade Me was the biggest gainer on the day, up 1.7 percent to $3.65.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news