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

 

MARKET CLOSE: NZ shares fall on global jitters

MARKET CLOSE: NZ shares fall on global jitters; Fletcher, Sky TV decline

By Suze Metherell

Sept. 3 (BusinessDesk) - New Zealand shares fell as investors remained cautious after last week's spike in volatility when equity markets were sold off on fears over the Chinese economy. Fletcher Building, A2 Milk, and Sky Network Television declined.

The S&P/NZX 50 Index fell 20.52 points, or 0.4 percent, to 5569.69. Within the index, 23 stocks fell, 23 rose and four were unchanged. Turnover was $146 million.

Traders are still nervous after last week's movements, which included the biggest one-day drop on the NZX 50 in four years, as an uncertain outlook for China's economy spooked investors and weighed on equities. Across the Tasman, the S&P/ASX 300 Index fell 1.2 percent in afternoon trading, which flowed through to dual listed stocks.

Fletcher, the construction and building supplies firm, dropped 2.8 percent to $7.05. Sky TV, the dominant pay television provider, declined 1.3 percent to $4.73. A2 Milk, the milk marketing company, fell 1.5 percent to 68 cents. Xero, the cloud-based accounting firm, declined 1 percent to $13.56. Ryman Healthcare, the retirement village operator, slipped 1.2 percent to $7.41. Spark New Zealand, formerly Telecom Corp, fell 1.2 percent to $3.,21.

"The volatility is creating nervousness and that is frightening a few investors on to the sidelines at the moment," said Grant Williamson, director at Hamilton Hindin Greene said. "Investors have got cash on the sidelines and a re probably a bit reluctant to invest yet and see if this volatility increases and whether there's more downside in these markets, which at the moment is anyone's guess."

Kathmandu Holdings declined 2.4 percent to $1.61. The increasingly hostile takeover offer bid for the outdoor clothing chain retailer has seen its board reiterate today that the offer from Briscoe Group is inadequate and urged shareholders to reject it. Briscoe shares fell 1.1 percent to $2.80.

Pacific Edge, the biotech firm, led the benchmark index down 6 percent to a two-year-low of 47 cents.

Air New Zealand was the best performer, climbing 3.1 percent to $2.48. The national carrier will defend a multi-billion dollar class action in the US that it colluded to fix prices on international air freight services after a New York court set a trial date for the claim.

On the New Zealand Alternative Index, Snakk Media jumped 21 percent to 5.8 cents. The mobile advertisement developer lifted first-quarter revenue 15 percent to $2.27 million while slowing its cash burn by clamping down on spending.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

RNZ: Housing Boom Could Get Worse, Economist Warns

Economists are calling on the Reserve Bank to reinstate lending restrictions, warning the housing market is spiralling out of control. More>>

ALSO:

Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>

ALSO:

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Economy: NZ Small Business Recovery Continues In September

Xero, the global small business platform, today released its Small Business Insights (XSBI) for September revealing an uptick in small business jobs and year-on-year revenue growth in New Zealand. Nationwide, the average number of jobs in the small ... More>>

ALSO:


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO: