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NZ shares rise after reporting season

NZ NewswireNZ Newswire 2/09/2016 Sophie Boot

New Zealand shares rose as investors took a favourable view of the outlook for some companies after earnings season. Ebos Group, Metro Performance Glass and Nuplex Industries gained.

The S&P/NZX 50 Index gained 2.9 points, or 0.04 percent, to 7,426.11. Within the index, 29 stocks rose, 17 fell and five were unchanged. Turnover was $168.9 million.

"The large-cap, high-dividend stocks are still seeing good demand in an environment where interest rates remain low," said Rickey Ward, NZ equity manager at JBWere.

"We're in a bit of a holding pattern as people sit back and assess the results. Now people are asking what that means and what are our expectations."

Nuplex Industries rose 1.9 percent to $5.45. The company confirmed its takeover by Allnex Belguim SA had received antitrust clearance from the European Commission, paving the way for its transfer into the hands of the private-equity backed Belgian company to create one of the world's largest makers of coating resins.

The shares will cease trading on the NZX and ASX at the close of trade on Monday, Sept. 5. Shareholders owning the stock on the record date of Sept. 7 will receive $5.43 per share, and a dividend payment of 3.15 cents per share and the shares will be delisted from the NZX and ASX at the close of trading on Tuesday, Sept. 13.

Ebos Group led the index, up 3.8 percent to $18.60.

Metro Performance Glass rose 3 percent to $2.08, Heartland Bank gained 2 percent to $1.52, and Restaurant Brands advanced 2 percent to $5.65.

Fletcher Building rose 0.1 percent to $10.67 and is up 45 percent this year.

Skellerup Holdings was the worst performer, down 2.9 percent to $1.36, while SkyCity Entertainment Group dropped 2.7 percent to $4.77.

The dual-listed banks fell, with ANZ down 2.2 percent to $27.60 and Westpac falling 2 percent to $30.24.

Outside the main index, Turners dropped 1 percent to $3.02. The financial services firm says 137 holders of its convertible bonds have elected to take shares when they come due on Sept. 30, amounting to 75 percent or the debt on issue, or $17.4 million.

BusinessDesk

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