About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, December 6th, 2:42PM
rss
The Markets

Quiet trading on NZX ahead of upcoming earnings; Market finishes higher

New Zealand shares rose in quiet trading, as investors prepare for a flurry of earnings next week. Infratil entered a trading halt for the first tranche of a $400 million capital raising.

Friday, May 17th 2019, 7:00PM

by BusinessDesk

The S&P/NZX 50 Index increased 3.81 points, or 0.04 percent, to 10,180.80. Within the index, 30 stocks rose, 14 fell, and six were unchanged. Turnover was $98.9 million, with just four stocks trading on volumes of more than a million shares.

The March and September balance date earnings season picks up speed next week, with a dozen or so companies scheduled to report. New Zealand's low interest rate environment continues to provide a tailwind for investors, as does a glut of bond redemptions and maturities that need to be reinvested.

Australia's federal election over the weekend has also given investors reason to sit on the sidelines and wait to see whether the Liberal-National coalition is returned or if the Australian Labor Party takes the treasury benches.

Peter McIntyre, an investment adviser at Craigs Investment Partners, said a lot of local investors were distracted by Xero's strong result yesterday, with the ASX-listed software company still widely held, and that the local market was reasonably quiet today. Xero was up 2.2 percent in late trading on the ASX at A$61.50, adding to yesterday's 11 percent gain.

"Next week is going to be interesting, especially with what happens in the Australian election," he said. "The focus will go onto the currency and what our cross-rate does."

Infratil shares were halted at $4.45 today for a $100 million placement to institutional investors at $4 a share. The company is then going to raise $300 million in a 1-for-7.46 rights issue to help fund its share of the $3.4 billion acquisition of Vodafone New Zealand. The new shares will also be entitled to the 11-cent final dividend declared as part of today's annual result.

McIntyre said the result had been well signalled and all attention was on the capital raising.

NZX led the market higher, up 1.9 percent at $1.09 on a volume of 417,000 shares, more than its 90-day average of 269,000. Sky Network Television rose 1.7 percent to $1.23 and Vector advanced 1.6 percent to $3.76.

Spark New Zealand was the most traded stock on a volume of 4.2 million shares, less than its usual volume of 5.8 million. It increased by 0.4 percent to $3.755.

Kiwi Property Group, which reports on Monday, rose 0.3 percent to $1.535 on a volume of 1.4 million shares, while Goodman Property Trust, which reported this week, rose 0.3 percent to $1.805 on a million units.

Auckland International Airport hit a record $8.625, ending the day at $8.57 on a volume of 1.1 million shares. The airport operator reported flat passenger numbers in March.

Restaurant Brands New Zealand posted the biggest decline on the day, down 3.6 percent at $8.87 on a volume of 63,000 shares, less than half its 90-day average of 170,000. The fast-food operator's unionised workers will be striking this weekend.

Dual-listed Australia & New Zealand Banking Group dropped 3.1 percent to $27.25. The Australian bank's local arm was today censured by the Reserve Bank and lost its accreditation to use an internal risk model to work out capital requirements.

Westpac Banking Corp was down 1.3 percent at $26.80, while much smaller rival Heartland Group Holdings increased 0.6 percent to $1.58.

SeaDragon was unchanged at 0.2 cents on a volume of 5.2 million shares after shareholders approved a series of resolutions to raise $4 million via a convertible note from director Mark Stewart's Pescado unit. The funding line staved off the threat of liquidation for the time being.

PGG Wrightson was unchanged at 52 cents on a volume of 1.2 million shares, more than five times its 90-day average of 262,000.

Fonterra Cooperative Group's 2025 bonds paying annual interest of 4.15 percent were the most traded debt security on a volume of 1.8 million. The notes closed at a yield of 3.18 percent, down 1 basis point.

The Local Government Funding Agency's 2025 bonds paying 2.75 percent traded at a yield of 2.15 percent, down 1 basis point, on a volume of 1.2 million notes.

Tags: Market Close

« NZ shares extend gain in increasingly volatile market; Chorus gainsBanks shares rise on back of Australian election results »

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 5.19 4.05 ▲4.05 4.49
ANZ Special - 3.55 ▲3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - ▼3.49 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide ▼5.65 ▼4.75 ▼4.75 -
Credit Union North 6.45 - - -
Credit Union South ▼5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.14 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.39 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.39 3.45 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 4 December 2019 9:11am

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