Tuesday 1st February 2011 1 Comment
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Shares in the newly merged Building Society Holdings opened cautiously on the New Zealand sharemarket as investors held back, with the shares opening at 95c, before easing in a positive market.
The closing price of 88c, which matched the shares' issue price, valued the company at $264 million. Just 304,136 of the 300 million shares issued on January 7 traded hands.
Building Society Holdings (NZX: BSH ) was established by combining Pyne Gould Corp's Marac Finance, CBS Canterbury and Southern Cross Building Society.
The business is one of the largest finance companies now operating in this country, and it also has plans to obtain a banking licence.
Pyne Gould Corp (NZX: PGC ), parent company of Marac, lost a cent to a record closing low of 35c.
The benchmark NZX-50 index closed up 9.72 points, or 0.3%, at 3348.46, following yesterday's 14-point fall.
A weaker New Zealand dollar against the Australian dollar helped attract some overseas buying, which supported most leading stocks.
Fletcher Building (NZX: FBU ) rose 5c to $7.78, having lost 16c yesterday after announcing an increased bid for Australian plumbing supplies firm Crane Group, which the Crane board approved.
Telecom (NZX: TEL ) fell 3c to $2.25.
Australia's S&P/ASX 200 Index was flat at 4753.
Earlier in the US, stocks rose on healthy earnings and signs of a strengthening economy, even as a surge in the price of oil highlighted the potential for increased political risk in the Middle East to upset markets.
For the month, the Dow rose 2.7%, the S&P 500 added 2.3% and the Nasdaq Composite gained 1.8%. It was the fourth month of gains in the last five for the three indexes.
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