Ryman leads shares up on quiet day
Tourism Holdings and F&P Healthcare worst performers Aussie dollar gains
New Zealand shares rose slightly, led upwards by Ryman Healthcare and Port of Tauranga, with Tourism Holdings falling. The S&P/NZX50 Index gained 7.75 points, or 0.09 per cent, to 8433.23. Within the index, 24 stocks rose, 14 fell and 12 were unchanged. Turnover was $116.5 million.
“It’s very, very quiet,” said David Price, broker at Forsyth Barr. “There’s virtually no company news, and that’s going to be the way for a while yet. We’re not expecting anything — there are no slated releases. This week is possibly the lowest you’ll see for the year.”
Ryman Healthcare
led the index, rising 3.1 per cent to $11.27, with up 1.8 per cent to $5.03 gaining 1.8 per cent to $1.15.
of Tauranga NZX
and
Port Tourism Holdings
was the worst performer, falling 2.4 per cent to $5.81.
Fisher & Scales Paykel New Zealand Oil & Gas Healthcare
dropped 2.1 per cent to $13.71 and
declined 1.7 per cent to $4.78. Outside the benchmark index,
dropped 1.4 per cent to 71 cents. OG Oil & Gas’s partial takeover of NZOG will be scaled after it passed the 70 per cent maximum it wanted in its bid to control the local energy explorer.
In the final days of the offer, OGOG received acceptances taking it to 73.7 per cent of fully paid ordinary NZOG shares, passing the upper limit in its partial takeover bid, and meaning “acceptances under the offer in respect of fully paid ordinary shares will be subject to scaling,” according to a filing to NZX. OGOG also holds 4.9 million partly paid ordinary shares or 58.8 per cent of those notes.
The combination gives the global energy group the equivalent of 74.5 per cent of NZOG’s stock once the partly paid shares are fully paid. The Ofer Global unit offered 78c per share to secure a controlling stake in the New Zealand firm. The New Zealand dollar fell against the Australian dollar after figures showing a sharp jump in building approvals across the Tasman revived optimism about the strength of Australia’s economy. The kiwi declined to A91.31c as at 5pm in Wellington yesterday from A91.54c at 8am and A91.43c on Monday. It was at US71.79c from US71.78c Monday. “There was some minor volatility and was mostly around the Aussie data,” said Westpac Banking Corp senior strategist Imre Speizer. “It was pretty strong and that caused some Aussiekiwi buying. That’s probably the main interest of the day.”