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Trading halts highlights of a record day

NZ NewswireNZ Newswire 11/05/2016 Sophie Boot

Trading halts highlights of a record day © SNPA / Ross Setford Trading halts highlights of a record day New Zealand shares reached a fresh record, as Orion Health Group advanced while Sky Network Television's losing streak continued and SkyCity Entertainment Group was put in a trading halt.

The S&P/NZX 50 Index gained 34.93 points, or 0.5 per cent, to 6,944.33. Within the index, 27 stocks rose, 16 fell and seven were unchanged. Turnover was $218.2 million.

SkyCity Entertainment Group, which was halted from trading at $5.01, said it plans to raise $263 million by selling new shares to existing investors, enabling it to keep its debt in check and maintain its credit rating while funding expansion in Auckland and Adelaide.

"It's probably been the biggest news, the stock's in a trading halt but the update looked like things were a little weaker than we had expected," said Mark Lister, head of private wealth research at Craigs Investment Partners.

Also halted from trading was APN News & Media, which announced it is in talks with Fairfax Media about a potential merger of their New Zealand media assets this year. APN has separately outlined plans to demerge its NZME unit.

Any transaction would require signoff from the Commerce Commission and other regulatory consents, agreement of the two boards and the companies' shareholders.

Metro Performance Glass led the index, rising 4 per cent to $1.82.

Orion Health Group gained 2.9 per cent to $4.56, Freightways rose 2.2 per cent to $6.64 and Ryman Healthcare advanced 2 per cent to $9.28.

Sky TV was the worst performer, falling 3.6 per cent to $4.06 on its fourth day of losses.

New Zealand Refining Co dropped 3 per cent to $2.61, Kathmandu Holdings fell 2.6 per cent to $1.53 and Property for Industry declined 1.5 per cent to $1.66.

Outside the main index, Hellaby Holdings fell 5.6 per cent to $2.55.

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