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: NZ shares fell; AMP sheds dividend

MARKET CLOSE: NZ shares fell; AMP sheds dividend, NZX trading down

Sept. 5 (BusinessDesk) - New Zealand shares fell, with AMP leading stocks lower after adjusting for its dividend. NZX fell after reporting trading volumes were down last month. Fletcher Building was among declines by companies that get revenue in Australia.

The NZX 50 Index fell 6.37 points, or 0.2 percent, to 2669.64. Within the index, 30 shares fell, 11 gained and nine were unchanged. Turnover was $74.8 million.

Shares were weaker across Asia on concerns about weakening global manufacturing and ahead of Thursday’s European Central Bank monetary policy review, where President Mario Draghi is expected to detail his bond-buying aspirations.

"If the markets overseas are down we will follow the trend if not the magnitude,” said James Smalley at Hamilton Hindin Greene. "New Zealand is a very good dividend-paying market and people are happy to hold off for income.

AMP, the wealth management company, fell 3.7 percent to $5.55 after going ex its 12.5 cent final dividend. Vital Healthcare fell 2 percent to $1.22 after shedding its 1.925 cent final dividend. Ebos Group fell 1.7 percent to $8.23. Investors who buy the stock today aren’t entitled to its 20.5 cents-a-share final dividend.

NZX fell 2.8 percent to $1.05. The stock exchange operator said its cash market trading fell in volume in August while the value of trades increased in both equity and debt securities.

Fletcher Building, New Zealand's largest construction company, slipped 0.6 percent to $6.48. Australian gross domestic product grew 0.6 percent in the three months ended June 30, according to government figures, just below the market consensus of 0.7 percent.

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.

Children’s clothing chain Pumpkin Patch, among the biggest gainers this week, fell 2.5 percent to $1.18. Xero, the cloud-based accounting company, fell 1.6 percent to $4.92.

The gainers were led by Goodman Fielder, the food ingredients manufacturer whose brands include Edmonds baking products and Vogel’s bread, up 4.7 percent to 67 cents. The company is assessing its surplus plants and looking to cut costs.

Telecom, New Zealand's largest listed company, rose 1.2 percent to $2.45.

Cavalier, New Zealand's only listed carpet market, gained 2.3 percent to $1.82.

Shares in New Zealand Wool Services International, the wool scouring and exporting business whose majority shareholding is up for grabs, were unchanged on 37 cents and have declined 26 percent this year. It posted a 66 percent drop in full-year profit to $2.2 million as wool prices tumbled.


© Scoop Media

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


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.