Shares retreat
Sky TV’s stock price falls by 6.8%
New Zealand shares were mixed in subdued trading, with Sky Network Television leading the index lower on concerns about its rugby rights while Heartland Bank and Vista Group International gained.
The S&P/NZX 50 Index fell 13.76 points, or 0.2 per cent, to 7808.22. Within the index, 23 stocks rose, 19 fell and eight were unchanged. Turnover was $125 million.
Sky TV was down 6.8 per cent, or 19c, to $2.61. The shares fell to an intraday low of $2.58, their lowest level in more than 18 years, after reports that global internet giant Amazon is making a play for NZ rugby broadcasting rights.
Sky TV went ex-dividend 12.5c yesterday. “Obviously it’s ex-dividend so the actual decline is a little less than meets the eye, but there was press over the weekend on Amazon and their potential interest in NZ rugby rights,” said Matt Goodson, managing director at Salt Funds Management.
The upcoming general elec- tion and the Labor Day holiday in the US kept the local market quiet yesterday, he said.
“The other thing is the North Korean uncertainty — it’s had a little bit of an effect on markets in the Asia-Pac region, but there’s no major panic.”
Fletcher Building fell 1.4 per cent to $8.25 while CBL
Corp dropped 1.3 per cent to $3.10 and Trustpower declined 1.1 per cent to $5.36.
Heartland Bank was the best performer, up 1.6 per cent to $1.94, while Vista rose 1.3 per cent to $5.39. — BusinessDesk