Shares stay sluggish but ANZ sees gains
Restaurant Brands was top performer on quiet trading day
New Zealand shares fell slightly, despite a gain in energy stocks and ANZ Bank New Zealand rising on its first-half earnings. The S&P/NZX50 Index dipped 7.61 points, or 0.09 per cent, to 8,435.97. Within the index, 19 stocks fell, 18 rose and 13 were unchanged. Turnover was $113.5 million.
Kiwi Property
led the index lower, down 2.6 per cent to $1.335, with falling 1.3 per cent to $2.25.
Sky Network Television SkyCity Entertainment Group Fletcher
dipped 0.3 per cent to $4.04. fell 1.7 per cent to $6.20. was the best performer, up 2.9 per cent to $7.39, and gained 2.6 per
Building Restaurant Brands Gentrack Group land ANZ Bank New Zea-
cent to $7.19.
rose 2.3 per cent to $29.36. The local unit of Australia & New Zealand Banking Group lifted first-half earnings 1 per cent to $941m as mortgage lending continued to grow.
In Australia, the bank is currently part of the royal commission into financial services which has become a scandal as unethical behaviour across the industry has been revealed.
“The sector is under pressure for obvious reason, at some point investors say what moves will they make to address any outcomes coming from the inquiry, and what is priced in to the current value,” said Rickey Ward, NZ equity manager at JBWere.
“It has been on many analysts’ positive watch, because they have been beaten up quite a lot.”
gained
Meridian Energy
percent to $2.975. It has signed a contract with
Zealand Aluminium Genesis Contact Mercury Z Energy
1.2
New Smelters
(NZAS) to agree the price of electricity for an additional 50 MWh per hour (438 gigawatt hours per year) at Tiwai Point in Southland. rose 1.3 per cent to $2.28 was up 0.9 per cent to dipped 0.2 per and $5.43, while cent to $3.185.
was unchanged at $7.25, though it traded higher for much of the day. Z is due to report on Thursday, and gained yesterday despite calls for government intervention in petrol pricing following a leaked email from BP New Zealand.