tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, April 23rd, 6:19PM

Investments

rss
The Markets

Property stocks attract attention

Property stocks and new listings centre of attention.

Thursday, March 25th 2021, 6:36PM

by BusinessDesk

Construction firm Fletcher Building led the market higher today, up 3.3% to $6.92. New builds are exempt from the stricter tax rules for property, which may encourage more construction activity.

The S&P/NZX 50 Index rose 29.18 points, or 0.2%, to 12,388.06. Within the index, 22 stocks fell, 22 rose and six were unchanged. Turnover was $165.5 million.

Shares in Kiwi Property Group jumped 2.9% to $1.25 after a draft revaluation of its property portfolio added $100m, or 3.1%, to its value in just six months.

The property investment company is focused on large scale retail property investments, but benefits from the soaring house prices which boosts land values.

Stock market operator NZX jumped 2.5% to $2.03. Two large companies are considering listing on the exchange: telecommunications firm 2degrees has said an initial public offer is on the cards, while Westpac Bank is toying with the idea of divesting its NZ subsidiary.

The Warehouse Group will resume paying a dividend after reporting a record first-half result but has lowered how much it will pay out to shareholders. Its shares jumped 3.6% to $3.78.

Automated food systems designer MHM Automation's shares jumped 7.1% to 75 cents after it secured a number of significant new contracts, including one for $13m from an Australian red meat exporter.

The kiwi dollar continued to slide after government policy designed to slow property market speculation sent the currency to its lowest level since November.

The kiwi dollar was trading 69.76 US cents at 5pm in Wellington, down from 69.80 cents yesterday. Prior to the announcement it had been trading near 72 cents.

The trade-weighted index was at 73.30 at 5pm, from 73.26 yesterday. The kiwi traded at 91.75 Australian cents from 91.76 cents, 75.98 yen from 75.75 yen, 59.00 euro cents from 58.92 cents, 50.92 British pence from 50.85 pence, and was unchanged at 4.5530 Chinese yuan.

Some economists predict the government's new controls may dampen house prices and slow the economy in the process.

The yield on 10-year government bonds also declined sharply as investors show less confidence and predict the Reserve Bank will try to keep interest rates low for longer.

The yield has fallen from above 1.8% just days ago, to as low as 1.5%. This is welcome news for equity investors, as the climbing interest rates was pulling shares lower.

Tags: Market Close

« Retirement stocks fall on housing policyNZ shares finish week 1% lower »

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
AIA 4.55 ▼2.25 2.59 ▲2.89
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 ▼2.25 2.59 ▲2.89
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 2.99 3.29
SBS Bank Special - 2.29 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.89

Last updated: 23 April 2021 8:50am

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