New Zealand Stock Markets
New Zealand shares fell as Metro Performance Glass sank to a record
low on speculation it may drop out of the S&P/NZX 50 Index. Fisher
& Paykel Healthcare, Fletcher Building and a2 Milk were among
decliners while Kathmandu and Z Energy rose.
The NZX 50 fell 43.32 points, or 0.5 percent, to 8,284.34. Within the index, 24 stocks declined, 17 rose and nine were unchanged. Turnover was $184 million.
MetroGlass dropped 2.5 percent to 79 cents, a record low close. They sold in the 2014 IPO for $1.70 a share, allowing private equity owners Crescent Capital and Anchorage Capital to reap about $230 million selling down their holdings.
Like Fletcher and Steel & Tube, MetroGlass has grappled with capacity constraints in the construction industry, which has squeezed margins.
In October it announced a strategic review after a series of guidance downgrades and chief executive Nigel Rigby stepped down in December. March quarter reweightings for the NZX 50 may be announced as soon as this week.
Fletcher dropped 1.8 percent to $6.49 although Ward said chief executive Ross Taylor "has been talking a very credible story" about trying to ringfence losses at the company's B+I unit while completing a strategic review of the whole group.
Steel & Tube declined 0.5 percent to $2.08.
A2 fell 1.5 percent to $12.56, having soared 58 percent this year. Ward said it has continued to drift after its "extreme run" and also on news that management had been selling shares.
Synlait Milk decreased 0.1 percent to $7.49 and honey products exporter Comvita fell 1.3 percent to $7.40.
Westpac Banking Corp declined 2 percent to $31.95 and Australia & New Zealand Banking Group fell 1.9 percent to $30.13, reflecting the lenders' weaker stock across the Tasman.
F&P Healthcare fell 3.3 percent to $13.25 and Ryman Healthcare fell about 1 percent to $10.40. Kathmandu rose 2.7 percent to $2.28 and Z Energy rose 1.7 percent to $7.
Marsden Maritime Holdings was unchanged at $5.60 after chief executive Graham Wallace said he will leave the company at the end of this month.
The NZX 50 fell 43.32 points, or 0.5 percent, to 8,284.34. Within the index, 24 stocks declined, 17 rose and nine were unchanged. Turnover was $184 million.
MetroGlass dropped 2.5 percent to 79 cents, a record low close. They sold in the 2014 IPO for $1.70 a share, allowing private equity owners Crescent Capital and Anchorage Capital to reap about $230 million selling down their holdings.
Like Fletcher and Steel & Tube, MetroGlass has grappled with capacity constraints in the construction industry, which has squeezed margins.
In October it announced a strategic review after a series of guidance downgrades and chief executive Nigel Rigby stepped down in December. March quarter reweightings for the NZX 50 may be announced as soon as this week.
Fletcher dropped 1.8 percent to $6.49 although Ward said chief executive Ross Taylor "has been talking a very credible story" about trying to ringfence losses at the company's B+I unit while completing a strategic review of the whole group.
Steel & Tube declined 0.5 percent to $2.08.
A2 fell 1.5 percent to $12.56, having soared 58 percent this year. Ward said it has continued to drift after its "extreme run" and also on news that management had been selling shares.
Synlait Milk decreased 0.1 percent to $7.49 and honey products exporter Comvita fell 1.3 percent to $7.40.
Westpac Banking Corp declined 2 percent to $31.95 and Australia & New Zealand Banking Group fell 1.9 percent to $30.13, reflecting the lenders' weaker stock across the Tasman.
F&P Healthcare fell 3.3 percent to $13.25 and Ryman Healthcare fell about 1 percent to $10.40. Kathmandu rose 2.7 percent to $2.28 and Z Energy rose 1.7 percent to $7.
Marsden Maritime Holdings was unchanged at $5.60 after chief executive Graham Wallace said he will leave the company at the end of this month.
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