About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
 
Support our sponsors:
sharemarket

Franklin flip-flops

Friday 14th April 2000

Text too small?

In an apparent change of heart US investment giant Franklin Resources has splashed out on a 5% stake in Telecom, worth $823 million at Wednesday's closing price.

In recent months Franklin, in company with other overseas institutions, has been selling down its New Zealand holdings. It has cut stakes in Fletcher Challenge stocks, Brierley Investments and Air New Zealand.

The group could not be reached for comment but it is possible at least some of the money realised from the sales has been reinvested in Telecom.

The 5% threshold, which triggers a requirement to file a substantial security holder notice, was breached on Wednesday.

ABN Amro analyst Jeremy Simpson said he was not privy to Franklin's reasoning "but there appears to be increased interest in New Zealand and in Telecom in particular. It's been doing a lot of roadshows overseas."

Another US investor, Brandes Investment Partners of San Diego, disclosed a 5.2% Telecom holding in January. Late last month it lifted the stake to 6.2%.

Telecom's share price has been falling heavily in recent days in response to the decline of the technology-heavy US Nasdaq index.

Franklin this week sold a further 1% of Brierley, reducing its stake to 4.43%. Camerlin Group, the vehicle of Malaysian tycoon Quek Leng Chan, lifted its BIL holding from 20% to 24.4%.

- Nick Stride



Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.
Bookmark and Share   Printable version
Related News

NZ dollar gains after Chinese central bank adds more stimulus
Air NZ's Houston service paves the way for partnership with United Airlines, analysts say
Hancock NZ upbeat on outlook for timber as local units post mixed results
Bluelab Corp to spend growth grant on taking new product to market
LIC and Lely enter R&D partnership in farm sensor technology
NZ dollar surges above RBNZ forecast on TWI basis, may prompt 'jawboning'
John Williamson flags Hellaby resignation
Wellington Airport's revised fees 'just within' acceptable range of returns, regulator says
NZ dollar touches fresh high vs euro amid concerns about Greece
Ministry of Health well on the way to delivering NZ's first social impact bond

 
Previous News
Bond
News Alerts
Breaking News 
After the Bell (daily) 
Gold News 

Unsubscribe/Update »

RSS feeds »
Twitter »
Facebook »

Most Commented On
  forex centre
cfd centre
options centre
NZX 15 Index





© Copyright 2015 MoneyOnline Ltd & Investment Research Group Ltd. All Rights Reserved.