MARKET CLOSE: NZ shares drop from record, Meridian falls on 26 Sep 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 drop from record, Meridian falls on dividend
By Suze Metherell
Sept. 26 (BusinessDesk) - New Zealand shares fell, as the NZX 50 Index dropped from a record in a global sell off as investors took the opportunity to crystallise the bourse's gains. Meridian Energy snapped six days of gains as it shed rights to its dividend. Spark New Zealand and Fletcher Building paced the decline.
The NZX 50 Index fell 24.373 points, or 0.5 percent, to 5253.488. Within the index, 29 stocks fell, 11 rose and 10 were unchanged. Turnover was $98.5 million.
Markets across Asia declined after a drop in Apple Inc's share price following ongoing issues with its latest iPhone offering weighed on Wall Street. Japan's Nikkei 225 Index declined 1 percent in afternoon trading. Australia's S&P/ASX 200 Index fell 1.2 percent and Hong Kong's Hang Seng Index slipped 0.5 percent.
New Zealand's benchmark index has advanced 1.3 percent this week, after a convincing win for the incumbent National party returned Prime Minister John Key and his government to a third term. Energy stocks have particularly benefited from the electoral certainty as it shut down the threat of regulation, which had been a cornerstone policy for opposition parties in trying to drag down power prices for consumers.
"Those negative offshore leads have had an impact on the market, but it has been pretty muted," said James Smalley, director at Hamilton Hindin Greene. "We've held up pretty well - obviously the election result, which the market took pretty well, has held us up today. The offshore weakness is giving people the opportunity to take some profit out of the market."
Meridian Energy fell 4.6 percent, or 7 cents, to $1.465 and has advanced 14 percent over the past month. The partially-privatised energy generator and retailer shed rights to its 8.82 cents per share final dividend, which includes a 2 cent special dividend, payable on Oct. 15.
TrustPower declined 0.7 percent to $7.35. Contact Energy gained 0.5 percent to $5.94. Genesis Energy was unchanged at $2.03, as was MightyRiverPower at $2.59.
Local tech stocks got caught in Apple's decline, Smalley said. Diligent Board Member Services, the governance app developer, dropped 3.8 percent to $4.58. Xero, the cloud-based accounting software company, declined 2.1 percent to $20.65.
Spark, formerly Telecom Corp, fell 1.3 percent to $2.95. Fletcher, New Zealand's largest listed company, slipped 0.5 percent to $8.75.
Kathmandu Holdings, the outdoor goods retailer, declined 1.2 percent to $3.23. Trade Me Group, the online auction site, fell 1.4 percent to $3.46. Warehouse Group, New Zealand's largest listed retailer, dropped 1.3 percent to $3.06.
Heartland New Zealand was the best performer on the day, up 2 percent to $1.03. Director Gary Leech will retire from the lender's board next month, after three years on the board including when the bank formed after the merger of Canterbury and Southern Cross building societies and Marac Finance.
Outside the NZX 50, Pumpkin Patch, the second-worst performing stock on the NZX All Index the past 12 months, was unchanged at 43 cents. The childrenswear retailer turned to an annual loss of $10.2 million in the 12 months ended July 31, from a profit of $5.1 million the year earlier, and signalled earnings are unlikely to improve for another year.
The company, which fell out of the benchmark index last year, suffered a series of setbacks last year including disruptions to its supply chain as increased rivalry drove down prices, has embarked on a two-year "transformation process" in an attempt to boost earnings. The company failed to pay a dividend for a third year as it focuses on reducing debt, and isn't expected to return a dividend to shareholders until the 2016 financial year, according to analyst estimates compiled by Reuters.
On the New Zealand Alternative Index, Burger Fuel Worldwide advanced 1.9 percent to $2.75. The burger chain plans to bring its franchise stores in-house which it expects will deliver greater profitability, and has bought the Henderson, Auckland store for an undisclosed sum.
(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