MARKET CLOSE: NZ shares join global stocks lower, led by PEB 11 Apr 2014
Related articles
- NZ consumers grow more upbeat, may resume spending Business
- Knowles quits as CEO of KiwiBank Business
- NZ migration bolstered by British invasion Migration
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
- OceanaGold finds new gold deposits at Fraser mine Business
- Transpower gets go-ahead for $170m SI upgrade Business
- NZ home sales creep up in March, still subdued Property
- NZ economy expands at fastest pace in two years Business
- New Zealand food prices fall in February Business
MARKET CLOSE: NZ shares join global stocks lower led by Pacific Edge, Xero
By Suze Metherell
April 11 (BusinessDesk) – New Zealand stocks joined a global sell-off amid concerns high-growth companies may struggle to convert sales into profits, led lower by biotech firm Pacific Edge and software developer Xero.
The NZX 50 Index fell 24.058 points, or 0.5 percent, to 5091.431. Within the index, 28 stocks fell, 11 rose and 11 were unchanged. Turnover was $101.8 million.
Stocks across Asia followed Wall Street lower, with Japan’s Nikkei 225 index down 2.5 percent in afternoon trading, Australia’s S&P/ASX 200 falling 0.9 percent and Hong Kong’s Hang Seng down 0.8 percent. The sell-off followed the biggest daily decline on the tech-heavy Nasdaq Composite Index since November 2011. In the past month global investors have been selling stocks in growth-orientated tech firms, preferring stocks with higher yields instead.
Pacific Edge was the biggest decliner on the local market, falling 9.8 percent to $1.10. The Dunedin-based bladder cancer text developer had an intraday decline of 15 percent to $1.04, the lowest since Oct. 23, and has dropped 25 percent in the past month.
Xero, the cloud-based accounting software maker, fell 5.3 percent to $31.35, while milk marketer A2 Milk slipped 3.5 percent to 84 cents.
“Dragging the index lower today are Pacific Edge, Xero, A2 Milk – so all the companies that don’t make any money,” said Bryon Burke, head of equities at Craigs Investment Partners. “Stocks that have moved higher today are high yield stocks, so New Zealand is reflecting what’s happening in the rest of the world.”
Outside the benchmark index tech stocks slid. Wynyard Group, the security software firm, declined 5.6 percent to $2.36, SLI Systems, the search engine developer, fell 7.3 percent to $1.90 and GeoOp, which makes small business task management apps, dropped 10 percent to $1.35.
Vital Healthcare Property Trust, which has a gross dividend yield of 6.4 percent, was the biggest gainer on the NZX50, up 0.8 percent to $1.295. Telecom, which has a gross dividend yield of 6.2 percent rose 0.4 percent to $2.61.
Fletcher Building, New Zealand’s largest listed company, rose 0.6 percent to $9.70. Sky Network Television advanced 0.5 percent to $6.48.
Today was the last day investors could buy Genesis Energy shares before the government lists 49 percent of the state-owned energy provider and retailer on April 17. MightyRiverPower rose 0.2 percent to $2.16, Meridian Energy advanced 0.4 percent to $1.15 and Contact Energy slipped 0.4 percent to $5.31.
Shares in Chorus fell 2 percent to $1.73 after it sought leave to appeal a High Court judgment upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. The company also suspended its dividend reinvestment plan today.
Auckland International Airport fell 0.3 percent to $3.92. Air New Zealand, the national carrier, declined 1 percent to $2.06. Casino operator SkyCity Entertainment Group slipped 0.3 percent to $3.96.
(BusinessDesk)
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more