MARKET CLOSE: NZ shares fall; Telecom departs NYSE 8 Jun 2012
- NZ dollar heads for 0.9% weekly drop Business
- Dorchester closes oversubscribed $30M capital raise Business
- NZX says it doesn't know why shares have declined Business
- Sky TV to launch $20/month subscription ondemand service Business
- Cavalier shares drop 10% after profit warning Business
- MARKET CLOSE: NZX 50 rises to record, led by Sky TV on rugby Business
- Sky TV sees annual profit gain of up to 8.6% in 2015 Business
- Heartland NZ chief risk officer resigns Business
- DNZ revalues portfolio by $10.7 million Business
- DNZ revalues portfolio up by $10.7 million Business
New Zealand shares fell, paced by Telecom as the biggest company on the bourse said it would delist its NYSE-traded American depositary receipts and that it would meet profit guidance by cutting costs. Steel & Tube, which is to drop out of the NZX 50 Index this month, rebounded.
The NZX 50 fell 24.48 points, or 0.7 percent, to 3449.47. Within the index, 21 stocks fell, 22 rose and seven were unchanged. Turnover was $99.7 million.
Telecom dropped 2.6 percent to $2.43. Among cost cutting measures, the company will delist its ADRs from the New York Stock Exchange, effective July 19.
“Investors are viewing it as a negative,” said Michael Milne, investment adviser at Craigs Investment Partners. “Fletchers, Telecom and the blue chips are the sort of companies that international investors tend to hold.”
Chorus, the network company spun off from Telecom in November, fell 1.9 percent to $3.14.
Shares in New Zealand Oil & Gas rose 2.7 percent to 77 cents after the energy explorer said it expects to pay a fully imputed dividend of 6 cents per share this financial year. The company had received a number of informal questions on its intention for the year.
Warehouse rose 0.8 percent to $2.53 after the country's biggest listed retailer was granted approval to delist from the Australian stock exchange. The company wants to quit the ASX to keep a lid on its costs.
Air New Zealand shares rose 1.2 percent to 86 cents after trans-Tasman rival Qantas was put on rating watch by Standard & Poor's after the Australian airline said it expects to post an annual loss of A$450 million in the 2012 financial year. Qantas has an investment grade BBB rating, and its shares fell 9 percent to 96.5 Australian cents on the ASX in afternoon trading.
Shares in Diligent Board Member Services rose 0.6 percent to $3.52 and Xero gained 4.4 percent to $4.49 as investors continued to rally behind the two newest entrants in the benchmark NZX 50 index. The tech companies will officially join the index from June 18, when they replace manufacturers Rakon, which was unchanged at 48 cents today, and Steel & Tube, which gained 2.4 percent to $2.11 today.
Kathmandu, the outdoor equipment chain, dropped almost 4 percent to $1.45. Skellerup Holdings, which makes rubber goods and milking equipment, fell 2 percent to $1.38.
24 Oct 2014 News
Ottawa resident says shock turning to anger and hard questions being asked about how gunman got so far. A New Zealander in Ottawa was... more
24 Oct 2014 Business News
By Fiona Rotherham Oct. 24 (BusinessDesk) - Sky Network Television, the country's dominant pay-TV operator, will launch a new $20 a... more
24 Oct 2014 Food & Wine
Fresh from two consecutive MKR People's Choice Challenge wins, Neena and Belinda favour wholesome and earthy flavours and aim to... more
24 Oct 2014 Lifestyle
New Zealand comedians Guy Montgomery (Billy T winner, 7 Days) and Tim Batt (Radio Hauraki, 7 Days) have broken the world record... more
24 Oct 2014 Property
Aucklanders living in the ‘hottest suburbs’ could be the big losers, while businesses will come out winners Rate rises... more
15 Oct 2014 Property
The Resource Management Act needs to explicitly recognise the importance of New Zealanders’ access to more affordable housing... more
24 Oct 2014 Migration
New Zealand has been named the best place to raise a child in the Raising Children Abroad annual league table. According to the HSBC... more
24 Oct 2014 Travel & Tourism
Giving flyers an Unexpected Journey! Elijah Wood and Sir Peter Jackson star in 'epic' Hobbit themed Air New Zealand safety video Air... more
25 Oct 2014 Sport
The Black Sticks Women have won 1-0 against the USA, setting up a series decider in the final test tomorrow at the Trust House... more
24 Oct 2014 Rugby
Scotland coach Vern Cotter clears out old guard and makes Grant Gilchrist captain for November Test series No place for Barclay,... more
24 Oct 2014 Opinion
After all the delays and stonewalling, the St James finally looks to have a future, even if it’s not clear what it will be Let's... more
23 Oct 2014 Opinion
Gordon Campbell on the tokenism of New Zealand‘s role against Islamic State Was John Key born lucky or what? Political... more
24 Oct 2014 People
Veteran weathercaster Jim Hickey has announced his retirement today, saying is was a tough decision. "I feel like I'm subbing off at... more
24 Oct 2014 Recruitment
New Zealand paramedics are being poached by Britain's busiest ambulance service. Interviews were held in Auckland on Friday and... more