New Zealand Stock Markets
New Zealand shares gained, led by Vital Healthcare Property Trust and
A2 Milk Co, as investors prepared for a potential selloff of Fletcher
Building once it updates its losses within its construction division.
The S&P/NZX 50 Index rose 63.16 points, or 0.8 percent, to 8,122.22. Within the index, 28 stocks rose, 13 were unchanged and nine fell. Turnover was $120 million.
Tomorrow morning, embattled construction company Fletcher Building's shares are set to be lifted from their trading halt at $7.77. The company will make an announcement increasing the losses at its building and interiors (B+I) unit.
The company was set to come out of the trading halt yesterday but said it had yet to complete a review of key projects and has begun talks with lenders about breaching its banking covenants.
Fletcher has said that before the halt is lifted, it will give the market an update of its review and the status of its discussions with its lenders.
Vital led the index higher, rising 3.4 percent to $2.12. A2 Milk rose 3.1 percent to $9.07 and Meridian Energy gained 2.7 percent to $2.825.
NZX was the worst performer, down 0.9 percent to $1.12. Kiwi Property Group fell 0.8 percent to $1.315 and Tourism Holdings dropped 0.7 percent to $5.54.
Outside the benchmark index, Tower rose 2.3 percent to 66.5 cents.
The Auckland-based insurer said recent storms will have a financial impact of about $5 million after tax.
It said it is too soon to know the extent of the damage done by Cyclone Gita, which hit Tonga last night having already passed through Samoa and American Samoa and may yet impact Fiji.
The S&P/NZX 50 Index rose 63.16 points, or 0.8 percent, to 8,122.22. Within the index, 28 stocks rose, 13 were unchanged and nine fell. Turnover was $120 million.
Tomorrow morning, embattled construction company Fletcher Building's shares are set to be lifted from their trading halt at $7.77. The company will make an announcement increasing the losses at its building and interiors (B+I) unit.
The company was set to come out of the trading halt yesterday but said it had yet to complete a review of key projects and has begun talks with lenders about breaching its banking covenants.
Fletcher has said that before the halt is lifted, it will give the market an update of its review and the status of its discussions with its lenders.
Vital led the index higher, rising 3.4 percent to $2.12. A2 Milk rose 3.1 percent to $9.07 and Meridian Energy gained 2.7 percent to $2.825.
NZX was the worst performer, down 0.9 percent to $1.12. Kiwi Property Group fell 0.8 percent to $1.315 and Tourism Holdings dropped 0.7 percent to $5.54.
Outside the benchmark index, Tower rose 2.3 percent to 66.5 cents.
The Auckland-based insurer said recent storms will have a financial impact of about $5 million after tax.
It said it is too soon to know the extent of the damage done by Cyclone Gita, which hit Tonga last night having already passed through Samoa and American Samoa and may yet impact Fiji.
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