Thursday 9th October 2008
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The benchmark NZX 50 Index ended the day little changed, paring an earlier
decline, as central banks in Asia cut interest rates and Warehouse Group surged
on prospects for a takeover.
The NZX 50 fell 3.92, or 0.1%, to 2944.39, having traded at low as 2925. The index lifted as shares advanced across Asia after four of the region's central banks cut interest rates, joining a global effort to ease the financial crisis. The MSCI Asia Pacific Index rose almost 3% in mid-day trading.
Warehouse led gainers, surging 13% to NZ$3.49 after abandoning its 'Extra' hypermarket strategy and withdrawing from fresh grocery sales. The move may resolve a sticking point with the antitrust regulator, should supermarket operator Woolworths Ltd. revive its takeover.
"The price reflects that the Warehouse is back in play," said Stephen Wright, an adviser at ASB Securities.
Goodman Property Trust rose 1.8% to NZ$1.14 after reporting 4% average growth in rentals since March. The value of its portfolio fell 3.4% as at Sept. 30.
ANZ Banking Group fell 3% to NZ$19.20 and Westpac Banking Corp. dropped 2.4% to NZ$24.60, tracking a decline in financial stocks in Australia.
On the ASX, Commonwealth Bank of Australia tumbled 6.5% to A$42.22 after selling A$2 billion of shares at a discount to fund the acquisition of HBOS Plc's Australian units. National Australia Bank fell 2.7%.
Restaurant Brands NZ Ltd. declined 3.1% to 63 cents after the franchise holder for Pizza Hut, Starbucks and KFC posted a 47% slump in first-half profit as margins shrank and it wrote down the value of the pizza chain.
Among other retailers, Briscoe Group dropped 10% to 78 cents and Hallenstein Glasson Holdings fell 1.6% to NZ$2.50.
|NZ Top 50||2,944.395||-3.915 (-0.13%)|
|ASX 200||4,320.900||-67.200 (-1.53%)|
|FTSE 100||4,366.69||-238.53 (-5.18%)|
Last updated: 9/10/2008 5:09pm
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