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

NZ's Financial Adviser News Centre

GR Logo
Obituary - Highly respected adviser moves on READ ON Dismiss
Last Article Uploaded: Saturday, September 25th, 8:04AM

Investments

rss
The Markets

Z Energy pushes NZX 50 above 13,000 points

It was a big day for the New Zealand share market as Z Energy shares soared on a buyout offer, Mainfreight broke above $90, and Serko shares jumped more than 10%.

Monday, August 23rd 2021, 6:39PM

by BusinessDesk

The S&P/NZX 50 Index rose 123 points, or 1%, to 13,064.07. Turnover was $200 million.

Even among a number of dramatic share price swings, Z Energy was the star of the show as it surged 14.1% to $3.48 after the fuel retailer confirmed it had received a takeover bid.

Australian petroleum company Ampol has offered to buy Z for $3.78 per share, which has been deemed enough for management to invite them to do due diligence.

Grant Williamson, director of Hamilton Hindin Greene, said there was still “a lot of water to go under the bridge” before any deal would go ahead.

Most notably, Ampol would have to divest the Gull service stations it currently owns in order to get approval from the Commerce Commission.

Secondly, some Z shareholders have suggested they would need a higher offer before supporting the deal.

A Forsyth Barr analyst told BusinessDesk the $3.78 bid was low compared to the pre-covid share price at roughly $4.50.

“It has been a serial underperformer since covid first hit, which is understandable given the situation with jet fuel,” Williamson said.

The other surprise on the market was travel booking firm Serko, with its shares rallying almost 11% to hit a record high of $7.95.

There was no market news driving this sudden leap, however, the stock had fallen roughly 8% from its previous peak over the past month.

ASX-listed technology stocks were the best performers on the Australian market, after a strong session on the Nasdaq Friday night, which may have helped propel the dual-listed stock higher.

Global logistics firm Mainfreight closed above $90 for the first time, after climbing 5% today and trading as high as $92.91.

Williamson said investors were seeking out stocks that will not have their earnings hurt by the extended NZ lockdown. Mainfreight is an essential service here and has widespread international operations.

Pacific Edge also hit a record high, closing up 6.3% at $1.35.

Pushpay Holdings climbed 1.8% to $1.68 after it announced it was buying a church live streaming business for US$150m.

The kiwi dollar was trading 68.45 US cents at 3pm in Wellington, up from 68.15 cents on Friday.

The trade-weighted index was at 73.30, from 73.13 Friday. The kiwi traded at 95.61 Australian cents from 95.56, traded at 75.19 yen from 74.75 yen, 58.44 euro cents from 58.35 cents, 50.15 British pence from 50.15 pence, and 4.4422 Chinese yuan from 4.4309 yuan.

Tags: Market Close

« Lockdown 'net positive' for NZ sharemarketNZX50 holds at 13,000 after strong earnings 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

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.85 3.25 3.55
ANZ 4.44 3.20 3.59 4.00
ANZ Blueprint to Build 1.68 - - -
ANZ Special - 2.60 2.99 3.40
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.85 3.25 3.55
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▲2.85 ▲3.25 ▲3.55
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 ▲3.45 ▲3.85 ▲4.15
BNZ - TotalMoney 4.55 - - -
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 5.95 - - -
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 2.25 1.85 2.35 2.65
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.35 2.75 3.05
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 ▲3.80 ▲4.00 4.34
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 ▲2.95 ▲3.15 3.49
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 2.99 3.39 3.59
SBS Bank Special - 2.49 2.89 3.09
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▲2.65 - -
The Co-operative Bank - Owner Occ 4.40 ▲2.85 ▲3.25 ▲3.49
The Co-operative Bank - Standard 4.40 ▲3.35 ▲3.75 ▲3.99
TSB Bank 5.34 3.35 3.75 4.05
TSB Special 4.54 2.55 2.95 3.25
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 ▲3.45 ▲3.85 4.09
Westpac - Offset 4.59 - - -
Westpac Special - ▲2.85 ▲3.25 3.49
Median 4.54 2.95 3.25 3.49

Last updated: 23 September 2021 8:11am

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