NZ shares fall from record high

  • 08/04/2016
NZ shares fall from record high

By Sophie Boot

New Zealand shares dropped as some investors took advantage of the S&P/NZX 50 Index at a record high to sell stocks and lock in profits. SkyCity Entertainment Group extended its decline on its chief executive's resignation. Kathmandu Holdings and Orion Health Group gained.

The S&P/NZX 50 shed 24.94 points, or 0.4 percent, to 6,730.29. Within the index, 23 stocks fell, 23 rose and four were unchanged. Turnover was $212.8 million.The benchmark index has gained 6.8 percent so far this year to reach yesterday's record.

"We're having a little bit of retracement today - we had a massive performance over the last six weeks," said Shane Solly, director at Harbour Asset Management. "We're getting a little bit of profit taking, which is not surprising after a really strong rally."

SkyCity, which has been the subject of takeover speculation, led declines for a second straight session after chief executive Nigel Morrison announced on Thursday he had resigned after an eight-year tenure.

Sky TV dropped 2.3 percent to $4.65, having gained 3.7 percent this year.

Australia's S&P/ASX 200 Index was down 0.6 percent, with dual-listed banks ANZ and Westpac dropping. On the local bourse, ANZ lost 1.6 percent to $24.90, and Westpac dropped 1.4 percent to $31.69.

Kathmandu Holdings was the biggest gainer, up 3 percent to $1.70. It has risen 5.8 percent this year, having posted a first-half profit of $9.4 million, met guidance, and affirmed full-year forecast profit of $30.2 million.

Orion Health Group advanced 2.9 percent to $3.95, an eight-month high.

Kiwi Property Group dropped 1 percent to $1.45. New Zealand's biggest listed property investor has agreed to buy 50 percent of Hamilton's The Base shopping centre from Tainui Group Holdings for $192.5 million and offered $197.5 million for the balance.

Outside the main index, Michael Hill International was unchanged at $1 and has gained 1 percent this year.

Vista Group International gained 0.6 percent to $5.38. The cinema software and analytics firm bought movie website Flicks for an undisclosed sum.


Share to Facebook Share to Twitter Share to Email
Share to Facebook Share to Twitter Share to Viber Share to WhatsApp Share to Email