Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

MARKET CLOSE: NZ stocks fall on GDP

MARKET CLOSE: NZ stocks fall on GDP, Auckland Airport down

Dec. 23 – New Zealand shares fell after government figures showed the recession extended into the third quarter and Auckland International Airport reported a drop in passenger volumes.

The NZX 50 Index declined 18.01, or 0.7%, to 2661.74. Within the index, 23 stocks fell, 12 rose and 15 were unchanged. Auckland Airport fell 2.4% to NZ$1.60 after the nation’s busiest airport reported a drop in international and domestic passengers. Air New Zealand fell 4.5% to 85 cents.

Government figures show the economy shrank 0.4% in the third quarter and economists including Goldman Sachs JBWere’s Shamubeel Eaqub say the first recession since 1998 may roll into 2009 as well.

Metlifecare Ltd., an operator of rest homes, fell 6.7% to NZ$2.80 after suspending its dividends and announcing plans to raise as much as NZ$40 million selling shares as the weakening economy weighs on the property market. The stock trades infrequently and is down 60% this year.

Cavalier Corp., the only carpet maker left in the NZX 50, fell 5.6% to NZ$1.70. Last week the company announced an agreement to rationalize the nation’s wool scouring industry, buying assets from rival Godfrey Hirst through a tie-up with interests associated with David Ferrier.

Fletcher Building, New Zealand’s biggest construction firm, fell 2% to NZ$5.97 after the GDP report, which highlighted a drop in residential building.

Sanford Ltd., one of only two companies to gain on the NZX 50 this year, fell 3.1% to NZ$5. New Zealand Oil & Gas, the other gainer this year, fell 0.8% to NZ$1.24 after saying it had ceased buying shares of Pan Pacific Petroleum after reaching a 15% stake, the threshold allowed by the Australian Foreign Investment Review Board. It has sought approval from the FIRB to increase its stake but doesn’t immediately plan to.

NZOG also dipped as the price of crude oil held below US$40 a barrel.

In Australia today, the S&P/ASX 200 Index fell 1.2% to 3514.9 in late afternoon trading. Bendigo & Adelaide Bank fell 7% after the sale of A$175 million of shares to increase its capital. Japan’s Nikkei 225 Index rose 1.6% to 8723.78 in early afternoon trading.

(Businesswire)

ENDS

© Scoop Media

 
 
 
Top Scoops Headlines

 

Reese Erlich: Foreign Correspondent: Trump Plays Both Sides Against The Middle

Is he a hawk? Is he a peacenik? The President keeps us guessing . By Reese Erlich President Donald Trump has convinced Republican isolationists and hawks that he supports their views. That’s a neat trick, since the two groups hold opposing positions. ... More>>

Binoy Kampmark: Waiting For The Old Bailey: Julian Assange And Britain’s Judicial Establishment

On September 7, Julian Assange will be facing another round of gruelling extradition proceedings, in the Old Bailey, part of a process that has become a form of gradual state-sanctioned torture. The US Department of Justice hungers for their man. The More>>



Gordon Campbell: On The Sorry Plight Of The International Education Sector

Tourism and international education have been two of the sectors hardest hit by the pandemic. They’re both key export industries. Yet the government response to them has been strikingly different. There has been nothing beyond a few words of ministerial condolence and a $51.6 million package (details below) to get the sector through the pandemic...
More>>

Binoy Kampmark: Google’s Open Letter: Fighting Australia’s News Media Bargaining Code

Tech giants tend to cast thin veils over threats regarding government regulations. They are also particularly concerned by those more public spirited ones, the sort supposedly made for the broader interest. Google has given us an example of this ... More>>


Gordon Campbell: On Trump’s Current Chances Of Re-Election

By now it seems clear that National have no fresh ideas to offer for how New Zealand could avoid the Covid-19 economic crisis. As in the past, National has set an arbitrary 30% ratio of government debt to GDP that it aims to achieve “in a decade or so,” ... More>>

The Conversation: Rogue Poll Or Not, All The Signs Point To A Tectonic Shift In New Zealand Politics

Richard Shaw AAP(various)/NZ Greens (CC-BY-SA)/The Conversation Strong team. More jobs. Better economy. So say the National Party’s campaign hoardings. Only thing is, last Sunday’s Newshub-Reid Research poll – which had support for the Labour ... More>>

The Coronavirus Republic: Three Million Infections And Rising

The United States is famed for doing things, not to scale, but off it. Size is the be-all and end-all, and the coronavirus is now doing its bit to assure that the country remains unrivalled in the charts of infection . In time, other unfortunates may well ... More>>

Binoy Kampmark: Altars Of Hypocrisy: George Floyd, Protest And Black Face

Be wary what you protest about. The modern moral constabulary are out, and they are assisted by their Silicon Valley friends in the Social Media club. Should you dare take a stand on anything, especially in a dramatic way, you will be found out ... More>>