MARKET CLOSE: NZ shares up in quiet trading, Ryman and Port of Tauranga gain while Tourism Holdings drops

Tuesday 9th January 2018

New Zealand shares rose slightly, led upwards by Ryman Healthcare and Port of Tauranga, with Tourism Holdings falling.

The S&P/NZX50 Index gained 7.75 points, or 0.09 percent, to 8,433.23. Within the index, 24 stocks rose, 14 fell and 12 were unchanged. Turnover was $116.5 million.

"It's very, very quiet," said David Price, broker at Forsyth Barr. "There's virtually no company news, and that's going to be the way for a while yet. We're not expecting anything - there are no slated releases. This week is possibly the lowest you'll see for the year."

Ryman Healthcare led the index, rising 3.1 percent to $11.27, with Port of Tauranga up 1.8 percent to $5.03 and NZX gaining 1.8 percent to $1.15.

Tourism Holdings was the worst performer, falling 2.4 percent to $5.81. Fisher & Paykel Healthcare Corp dropped 2.1 percent to $13.71 and Scales Corp declined 1.7 percent to $4.78.

Outside the benchmark index, New Zealand Oil & Gas dropped 1.4 percent to 71 cents. OG Oil & Gas's partial takeover of NZOG will be scaled after it passed the 70 percent maximum it wanted in its bid to control the local energy explorer and producer.

In the final days of the offer, OGOG received acceptances taking it to 73.7 percent of fully paid ordinary NZOG shares, passing the upper limit in its partial takeover bid, and meaning "acceptances under the offer in respect of fully paid ordinary shares will be subject to scaling," according to a filing to NZX. OGOG also holds 4.9 million partly paid ordinary shares or 58.8 percent of those notes.

The combination gives the global energy group the equivalent of 74.5 percent of NZOG's stock once the partly paid shares are fully paid. The Ofer Global unit offered 78 cents per share to secure a controlling stake in the New Zealand firm.

(BusinessDesk)

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