Trading takes Key surprise in its stride

Benchmark index drops by 0.7% as shares decline in Ryman Healthcare, Sky TV and Steel & Tube Holdings

New Zealand shares declined, dragged lower by Ryman Healthcare, Sky TV and Steel & Tube Holdings, while Hellaby Holdings gained after a lift in its takeover offer from Bapcor.

The S&P/NZX 50 Index dropped 50.15 points, or 0.7 per cent, to 6854.71. Within the index, 30 stocks fell, 16 rose and five were unchanged. Turnover was $122.9 million.

Prime Minister John Key yesterday announced his intention to step down in a week, surprising pundits. The announcement had not had much impact on the local index, said Craig Stent, director and research analyst at Harbour Asset Management, with negative overseas leads including the resignation of the Italian Prime Minister, Mario Renzi, after a constitutional referendum pulling the local index lower.

Ryman Healthcare

was the worst performer on the index, down 4.1 per cent to $8.37, while declined 3.9 per cent to $4.69 and dropped 3.1 per cent to $1.395. fell 1.9 per cent to $4.57. Sky said the date for a decision on its Commerce Commission application to merge with Vodafone New Zealand had been

Group Holdings Summerset Kiwi Property Group Sky Network Television

pushed back to February 23, 2017, from December 21, to give the commission more time to assess a large number of submissions.

fell 1.4 per cent to $4.80. The online retailer has sold its accommodation website Travelbug and online booking engine BookIt to interests associated with the Torpedo7 sporting goods site for an undisclosed sum.

Travelbug and BookIt both predate Trade Me’s listing as a public company in 2012. The company launched Travelbug in 2007 and acquired BookIt in 2010.

dropped 1 per cent to 99c.

Trade Me Group NZX

Cash trading on the NZX increased for a fourth consecutive month in November, with the value and volume of trades rising.

The benchmark S&P/NZX 50 Index plunged in early November after Donald Trump was elected US President, but recovered over the course of the month.

Trustpower

was the best performer on the index, up 3 per cent to $4.49, while gained 2.8 per cent to 73c and rose 2.3 per cent to $3.50. Outside the main index, dropped 5.5 per cent to $2.24. Along with two other com-

Tower Scales Corp Tube Holdings Steel &

panies, it will be prosecuted by the Commerce Commission following the regulator’s investigation into seismic steel mesh, while Fletcher Building’s steel division has been given a warning.

Hellaby Holdings

gained 7.5 per cent to $3.44. ASX-listed Bapcor yesterday raised its takeover offer for Hellaby to $3.60 a share from $3.30, bringing it into the independent valuation range, winning increased acceptances from the Accident Compensation Corporation and drawing in other institutional investors to lift total support for its proposal to 40 per cent.