About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, December 12th, 11:30PM
rss
The Markets

NZ shares rise as Tourism Holdings upgraded; Spark sheds dividend rights

New Zealand shares edged higher as Tourism Holdings snapped a seven-day slide on a broker upgrade. Spark New Zealand was among several companies shedding rights to dividends.

Thursday, September 20th 2018, 5:45PM

by BusinessDesk

Grant Williamson, Hamilton Hindin Greene Director

The S&P/NZX 50 increased 15.81 points, or 0.2 percent, to 9,360.87. Within the index, 22 stocks gained, 21 fell and seven were unchanged. Turnover was $150.7 million.

Grant Williamson, a director at Hamilton Hindin Greene, said the index had teetered between negative and positive territory and largely ignored Wall Street's gain overnight.

"The Dow was quite firm, but it hasn't flowed through to Australia or New Zealand," he said. The Dow Jones Industrial Average rose 0.6 percent.

Tourism Holdings rose 4.1 percent to $5.30 after Forsyth Barr upgraded the stock to 'outperform', saying fears about valuation were overdone. The rental campervan operator had shed 11 percent in a seven-day decline that took the stock to a 10-month low. Forsyth Barr kept its target price at $6.

The power companies mostly gained after government data showed renewable energy generation was at a 37-year high in the June quarter. The Tiwai Point smelter, the country's biggest power user, is close to restarting its fourth potline after a six-year break, Meridian Energy said.

Genesis Energy rose 1.2 percent to $2.575, Meridian increased 1.2 percent to $3.40, Trustpower advanced 0.2 percent to $6.06 and Contact Energy gained 1 percent to $5.90. Mercury NZ was unchanged at $3.35.

Williamson said the energy companies remained in demand with their relatively high dividend yields.

Among the blue-chip stocks, A2 Milk Co rose 0.9 percent to $12.38, Mainfreight increased 0.3 percent to $29.90, Air New Zealand declined 0.2 percent to $3.17 and Fletcher Building decreased 1.4 percent to $6.23.

Spark fell 2.1 percent, or 8.5 cents, to $3.98, after shedding rights to dividends of 12.5 cents per share. Chorus declined 0.5 percent to $4.975. Williamson said both telecommunications stocks hit respective records yesterday and investors were taking some profit on recent gains.

Other stocks to go ex-dividend include Port of Tauranga, which fell 1.4 percent, or 7 cents to $5.08. It shed rights to an 11 cent dividend. Comvita gave up rights to a 2 cent dividend, but rose 2.8 percent, or 18 cents, to $6.65.

Restaurant Brands New Zealand gained 0.9 percent to $7.73 after reporting a 12 percent increase in second-quarter sales. Williamson said the fast food operator was showing good signs of same-store growth as well as benefitting from its international expansion.

Outside the benchmark index, Briscoe Group increased 0.9 percent to $3.53. The retailer increased first-half profit 2.7 percent and raised its interim dividend for an 11th straight year.

Tags: Market Close

« NZ shares shrug off Synlait slump, join global rallyNZ shares edge higher, boosted by tourism data, earnings »

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
  • ASB appoints Vanguard as manager
    “What I find amusing from those industry participants who favour passive investing over active is their continued ignorance...”
    8 hours ago by Pragmatic
  • Law doesn't have to be broken for FMA to take action
    “Agree with Brent Sheather - NZ regulators suffer from what is formally termed 'regulatory capture'. A form of government...”
    14 hours ago by Chatterbox
  • ASB appoints Vanguard as manager
    “Pragmatic just going back 20 years to speak to you, I suspect the ASB’s value proposition is well diversified low cost...”
    14 hours ago by John Milner
  • CLU back on agenda for Massey
    “I'm delighted Massey has elected to do this. The initial efforts of Denis Sampson and others bringing it here from the US...”
    16 hours ago by Referee
  • Old approach won't always stack up
    “Thanks Steve for a thoughtful and moderate comment. I know Brian and the fact was that the client was happy. For the...”
    17 hours ago by MediCare
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