New Zealand Stock Markets
New Zealand shares were mixed, with Fletcher Building and Sky Network
Televisionreboudning after recent selling and companies including Spark
New Zealand and Ebos Group shedding their rights to dividends.
The S&P/NZX 50 Index gained 34.7 points, or 0.4 percent, to 8,467.33. Within the index, 23 stocks
fell, 21 rose and six were unchanged. Turnover was $149.8 million.
Fletcher Building and Sky Network Television, which gained today, are being seen as value plays by some investors due to recent falls, McIntyre said. Sky, which rose 1.9 percent to $2.15, has dropped 40 percent in the past year, while Fletcher gained 1.8 percent to $6.41 today, having fallen 30 percent in the past year.
The worst performing stocks today were led by those giving up dividend rights. Spark New Zealand, which dropped 12.5 cents or 3.5 percent to $3.41, gave up an 11 cent interim dividend and 1.5 cent special dividend. Freightways dropped 8 cents or 1.1 percent to $7.53, after shedding a 14.5 cent dividend.
NZX dropped 2.7 percent to $1.07, while Metro Performance Glass fell 2.5 percent to 77 cents.
Ebos Group declined 25 cents or 1.4 percent to $18.19, having shed a 33 cent dividend. It has hired Telstra executive Shaun Hughes as chief financial officer after the health-care and pet-care products group promoted John Cullity to chief executive.
Outside the benchmark index, PGG Wrightson was unchanged at 62 cents, though it gave up rights to a 1.75 cent dividend. The firm said it is "open to options" after it hired investment bankers for a strategic review of the business and Australian media reported that it is preparing non-disclosure agreements with interested parties.
The rural services firm is indirectly controlled by China's Agria Corp, which owns a 50.2 percent stake via Agria (Singapore). The Australian Financial review named ASX-listed Ruralco Holdings and Elders, Agrium-owned agribusiness Landmark, and Champ Private Equity as potential suitors, while Hong Kong-listed CK Life Sciences is said to be interested in Wrightson's seeds business.
The New Zealand dollar was little changed, benefiting from ongoing US dollar weakness despite initially falling on weaker-than-expected domestic economic growth.
The kiwi dollar traded at 73.27 US cents as at 5pm in Wellington, unchanged from 8am and versus 73.39 cents late yesterday. The trade-weighted index slipped to 74.95 from 75.07 yesterday.
The kiwi fell around a quarter of US cent early in the session on news that the economy expanded 0.6 percent in the three months to Dec. 31 versus an expected 0.8 percent as unfavourable weather weighed on agricultural output.
The S&P/NZX 50 Index gained 34.7 points, or 0.4 percent, to 8,467.33. Within the index, 23 stocks
fell, 21 rose and six were unchanged. Turnover was $149.8 million.
Fletcher Building and Sky Network Television, which gained today, are being seen as value plays by some investors due to recent falls, McIntyre said. Sky, which rose 1.9 percent to $2.15, has dropped 40 percent in the past year, while Fletcher gained 1.8 percent to $6.41 today, having fallen 30 percent in the past year.
The worst performing stocks today were led by those giving up dividend rights. Spark New Zealand, which dropped 12.5 cents or 3.5 percent to $3.41, gave up an 11 cent interim dividend and 1.5 cent special dividend. Freightways dropped 8 cents or 1.1 percent to $7.53, after shedding a 14.5 cent dividend.
NZX dropped 2.7 percent to $1.07, while Metro Performance Glass fell 2.5 percent to 77 cents.
Ebos Group declined 25 cents or 1.4 percent to $18.19, having shed a 33 cent dividend. It has hired Telstra executive Shaun Hughes as chief financial officer after the health-care and pet-care products group promoted John Cullity to chief executive.
Outside the benchmark index, PGG Wrightson was unchanged at 62 cents, though it gave up rights to a 1.75 cent dividend. The firm said it is "open to options" after it hired investment bankers for a strategic review of the business and Australian media reported that it is preparing non-disclosure agreements with interested parties.
The rural services firm is indirectly controlled by China's Agria Corp, which owns a 50.2 percent stake via Agria (Singapore). The Australian Financial review named ASX-listed Ruralco Holdings and Elders, Agrium-owned agribusiness Landmark, and Champ Private Equity as potential suitors, while Hong Kong-listed CK Life Sciences is said to be interested in Wrightson's seeds business.
The New Zealand dollar was little changed, benefiting from ongoing US dollar weakness despite initially falling on weaker-than-expected domestic economic growth.
The kiwi dollar traded at 73.27 US cents as at 5pm in Wellington, unchanged from 8am and versus 73.39 cents late yesterday. The trade-weighted index slipped to 74.95 from 75.07 yesterday.
The kiwi fell around a quarter of US cent early in the session on news that the economy expanded 0.6 percent in the three months to Dec. 31 versus an expected 0.8 percent as unfavourable weather weighed on agricultural output.
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