NZME debuts on stock market
Newly listed media company NZME debuted on the New Zealand stock market today with its shares closing at 80 cents.
Shares were initially offered at NZ$1 as a reference point because it is a new company listing. It is now up to the market to determine what the company is worth. Shares initially traded around 85c but then closed down. At 80c a share, NZME would be valued at NZ$156.8 million.
NZME owns the NZ Herald newspaper, various regional titles, the GrabOne daily deals website and the Radio Network.
The NZ listing comes after its Australian owners APN News & Media decided to demerge its Kiwi business NZME so it could potentially merge with Fairfax NZ.
Fairfax NZ owns the Stuff website and various newspapers including the Dominion Post.
The merger is subject to approval from the Commerce Commission, but if successful would be completed by the end of 2016.
Meanwhile the NZX50, which opened 1 percent lower on Monday because of the Brexit uncertainty, regained its losses, closing up 0.39 percent.
Asian markets, which fell abruptly last Friday, have had a mixed days trading, with Japan's Nikkei up 1.6 percent.
Australian stocks were also slightly up, by 0.65 percent.