About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Monday, December 10th, 10:20PM
rss
The Markets

NZ shares fall as investors cash in August gains; Tourism Holdings, A2 drop

New Zealand shares fell for a third session, taking their weekly decline to 2.3 percent, as investors cashed in some of August's gains in what was a strong month for the local market. Tourism Holdings and a2 Milk Co declined.

Friday, September 7th 2018, 6:05PM

by BusinessDesk

The S&P/NZX 50 index decreased 6.21 points, or 0.1 percent, to 9,095.39. Within the index 20 stocks fell, 23 gained and seven were unchanged. Turnover was $122 million.

The benchmark index hit a record on Aug. 29 and climbed 4.4 percent in the month as investors were buoyed by a relatively upbeat corporate earnings season. With global markets in a lull as traders await US President Donald Trump's decision on whether to impose a wider array of tariffs on Chinese goods, local investors have used the opportunity to cash in some of those gains.

"We've had a lull over the last week from what's been an all-time high," said Shane Solly, a portfolio manager at Harbour Asset Management. "It's still pretty good in the global scheme of things."

Solly said the market was having a "healthy pullback" and had absorbed "a couple of capital raisings" with the Macquarie-managed funds selldown of Oceania Healthcare and shortfall bookbuild of Steel & Tube Holdings this week. Oceania was unchanged at $1.13 and Steel & Tube gained 2.5 percent today.

Tourism Holdings led the market lower, falling 4.3 percent to $5.60, giving up yesterday's gains when the rental campervan operator was the best performer on the bourse.

Restaurant Brands New Zealand fell 2.2 percent to $7.57, while a2 Milk declined 2.2 percent to $11.62 and Kathmandu Holdings decreased 1.9 percent to $3.10.

Sky Network Television dropped 1.9 percent to $2.12 after it was removed from S&P/ASX 300 index, effective from Sept. 24. Sky also shed rights to a dividend payment yesterday.

Among other firms to shed dividend rights yesterday, Air New Zealand fell 1.6 percent to $3.16, Trade Me slipped 0.6 percent to $4.93, Heartland Bank rose 0.6 percent to $1.68, and Vector decreased 0.6 percent to $3.42.

Ryman Healthcare gained 3 percent to $13.70, the biggest gain on the benchmark index today. Synlait Milk rose 2 percent to $13 and NZX increased 0.9 percent to $1.07.

Among blue-chip stocks, Fisher & Paykel Healthcare rose 0.7 percent to $14.90, Spark New Zealand increased 0.4 percent to $3.90, and Auckland International Airport decreased 0.3 percent to $6.86. Fletcher Building was unchanged at $6.20, as was Meridian Energy at $3.22.

Orion Health Group was unchanged at $1.08 after independent adviser KordaMentha recommended shareholders back a proposal to carve up the company and return capital through a share buyback. The estimated buyback was reduced to $1.16-to-$1.26 per share due to uncertainty over the final wash-up.

Liquidators for former NZX-listed software developer Wynyard Group today said shareholders may get a "very small" distribution and asked them to update their contact details.

Tags: Market Close

« NZ shares drop as stocks shed dividend rights; Synlait, Heartland, A2 fallNZ shares drop from recent highs; Ryman, Fletcher fall »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

AM Update - Your morning business news update

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.55 4.79 4.99
ANZ Special - 4.05 4.29 4.49
ASB Bank 5.80 4.44 4.69 4.89
ASB Bank Special - 3.95 4.29 4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.10 4.29 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.79 - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.29 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 3.95 4.49
Sovereign 5.90 4.45 4.69 4.89
Sovereign Special - 3.95 4.29 4.49
The Co-operative Bank - Owner Occ 5.75 4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 4.60 4.85 4.99
TSB Bank 5.80 4.45 4.69 4.99
TSB Special - 3.95 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.15 4.29 4.59
Median 5.89 4.50 4.69 4.79

Last updated: 2 December 2018 8:39pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com