About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, December 13th, 6:16PM
rss
The Markets

NZ shares fall most across Asia; Z still under pressure

New Zealand shares fell the most across Asia as Z Energy led the market lower for another day amid rising oil prices, growing competition and the threat of increased regulation.

Friday, October 19th 2018, 4:13PM

by BusinessDesk

The S&P/NZX 50 index dropped 108.33 points, or 1.2 percent, to 8,802.26. Within the index 39 stocks fell, nine gained and two were unchanged. Turnover was $115.6 million.

The local market posted the biggest decline across Asia-Pacific.Australia's S&P/NZX 200 index was down 0.2 percent in afternoon trading, Hong Kong's Hang Seng fell 0.3 percent, and Japan's Topix was down 1.1 percent.

Z Energy led the local market lower, falling 3.9 percent to $6.10, the lowest close since February 2016. The share price has dropped 11 percent this week after the transport fuels company reported lower petrol volumes as oil prices rise. At the same time, it's facing increased competition from low-cost operators such as Waitomo and has the government threatening regulatory intervention.

Matt Goodson, managing director at Salt Funds Management, said the share price is under pressure from the operational data showing lower fuel volumes and what impact a Commerce Commission study into the fuel market will have on margins. Those regulatory powers are yet to be passed into law.

"It's a little convergence of difficulties for Z," he said.

New Zealand Refining fell 3.2 percent to $2.43.

Ryman Healthcare fell 3.9 percent to $12 on lighter than usual volumes. Metlifecare was down 2.5 percent at $5.85 and Summerset Group declined 1.3 percent to $6.85.

Goodson said housing data for September showed a slow market in what's typically a busy month, and that may be weighing on the retirement village operators.

Spark New Zealand reported the busiest activity with 2.6 million shares traded, with the stock rising 0.5 percent to $3.90. Contact Energy fell 0.4 percent to $5.61 on volume of 2.5 million and Meridian Energy was down 0.8 percent to $3.11 on 2.2 million shares traded.

Auckland International Airport fell 1.3 percent to $6.92 on a volume of 1.9 million. Kiwi Property Group was down 0.4 percent at $1.35 on 1.8 million shares, and Air New Zealand fell 1.3 percent to $2.74 on one million shares.

Restaurant Brands New Zealand slipped 2 percent to $8.50, giving up some of yesterday's 14 percent gain. The fast-food operator has received an indicative takeover offer of $9.45 for three-quarters of the company. First NZ Capital raised its rating on the stock to 'neutral' and said the offer price was compelling.

Fletcher Building fell 2.1 percent to $6.10 and Sky Network Television rose 1.3 percent to $2.28. A2 Milk Co declined 1 percent to $10.31.

Ebos Group slipped 0.5 percent to $21.70 after saying it will pay A$50 million to buy out minority shareholders in Terry White Group.

Outside the benchmark index, Tilt Renewables slipped 0.9 percent to $2.28 after raising earnings guidance while cutting the value of its Australian assets. The company is under a takeover offer from Infratil for $2.30 a share. Infratil fell 0.7 percent to $3.435.

Pyne Gould Corp rose 6.1 percent to 35 cents. After the close of trading, Pyne Gould issued a notice of a special meeting to vote on a plan to leave the NZX for Guernsey listing. The meeting will be held in Queenstown on Oct. 31.

Tags: Market Close

« Restaurant Brands soars on takeover talk, but stocks dipNZ shares fall as F&P Healthcare loses latest patent dispute »

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