Trustpower hits record on special dividend; Tip Top sold
The S&P/NZX 50 Index increased 27.46 points, 0.3 percent, to 10,126.83. Within the index, 17 stocks rose, 20 fell, and 13 were unchanged. Turnover was $82.7 million, with just two companies trading on volumes of more than a million shares.
Trustpower hit a record $7.21, ending the day up 2.9 percent at $7.20, after declaring a special dividend of 15 cents per share. That takes the special returns to 40 cents since the sale of Green State Power in New South Wales to Meridian Energy last year. The company reported a 9 percent decline in annual operating earnings to $222 million, meeting expectations. The 30,000 shares traded were less than half its 90-day average of 74,000.
"That will be the end of the special dividends. The result was in line with market expectations," said Peter McIntyre, an investment adviser at Craigs Investment Partners.
Fonterra Shareholders' Fund units rose 0.5 percent to $4.30 on a volume of just 65,000 units, well short of its 248,000 average. Fonterra announced the sale of its Tip Top ice cream business for $380 million, some $100 million above book value, while securing a supply agreement with the new owner. Fonterra shares, which are restricted to its farmer-suppliers, rose 0.5 percent to $4.30.
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