Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

MARKET CLOSE: NZX 50 slips as IPOs loom; KMD down

MARKET CLOSE: NZ shares slip for 2nd day as floats loom, Kathmandu dips

Nov. 18 (BusinessWire) – New Zealand shares fell for a second day, led by Sky Network Television and Fisher & Paykel Appliances, as investors prepare for an influx of share sales and a pick-up in corporate activity. Kathmandu Holdings slid back toward its IPO price after two days of trading.

The NZX 50 Index declined 3.11, or 0.1%, to 3128.40. Within the index, 21 stocks fell, 12 rose and 12 were unchanged. Turnover was $84.6 million.

Kathmandu declined 3.2% to $2.14 on the NZX, 1 cent above its initial public offering price.

Companies including milk processor Synlait Ltd., sweetener processor BioVittoria and property investor DNZ Property Group are preparing to go public this year. Allied Farmers today agreed to an all-stock acquisition of Hanover Finance, valuing the target’s assets at $400 million.

“People believe the cycle over the next year or two will move in their favour,” said Angus Gluskie, who oversees about US$300 million at White Funds Management in Sydney. “Compared to six months ago we now have companies able to execute on acquisitions.”

Allied Farmers climbed 6.1% to 35 cents on news of the deal, which would dilute existing shareholders down to about 5%, and allow secured investors of Hanover and associate United Finance to exchange their securities for Allied shares.

Charlie’s Group, the juice company, gained 5.3% to 8 cents a day after chief executive Stefan Lepionka told shareholders that first-quarter trading was similar to a year earlier, with a pick-up in volumes expected over the summer, helping the juice maker achieve a full-year profit.

Contact Energy slipped 0.7% to $5.90 after the utility released figures showing it is continuing to shed electricity customers, though this was offset by a pick-up in LPG customers. Electricity customers fell by 500 in October and have declined 40,000 since October 2008.

Kiwi Income Property Group fell 1.9% to $1.02 and ING Property Trust dropped 1.3% to 78 cents.

(BusinessWire)

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.