NZX CLOSE: NZ shares fall, led by Pan Pacific; AIA gains after share sale

New Zealand shares fell, missing a rally across Asia fueled by strong U.S. manufacturing data, as Pan Pacific Petroleum dropped to a nine-month low and Telecom Corp. dipped after offering free credits to customers on its XT network.

The NZX 50 Index fell 3.6, or 0.1%, to 3147.36, a new six-week low. Within the index, 25 stocks fell, 17 rose and nine were unchanged. Turnover was $48 million.

Pan Pacific (NZX: PPL ), which in January abandoned its second Timor Sea well in as many months, fell 5% to 38 cents.

Telecom (NZX: TEL ), the country’s largest phone company, fell 0.8% to $2.35. The company said it would extend $5 million of free calls, Internet and messaging in compensation for customers affected by the outage on its XT network last week.

AMP NZ Office Trust (NZX: APT ) declined 2.7% to 72 cents. Almost 20% of office space could be empty in the next three years, and 13% is empty in the CBD currently, the NZ herald reported today, citing a report from Goldman Sachs JBWere analysts Buffy Gill and Marcus Curley. “The outlook for offices looks quite negative in Auckland and Wellington, due primarily to expectations of oversupply,” they said.  Goodman Property Trust (NZX: GMT )fell 1.9% to $1.01.

Auckland International Airport (NZX: AIA ), the nation’s busiest gateway, rose 2.9% to $1.96 when it resumed trading after being halted for its $126 million equity raising. The funds raised will help pay for the $167 million purchase of 25% of North Queensland Airports.

“The airport’s core business is unchanged, and there’s nothing there to alter our positive view on the company,” said Forsyth Barr analyst Jeremy Simpson. “As tourism numbers go up over the long term, Auckland Airport will have a lot of growth.”

NZX (NZX: NZX ), the stock exchange operator, fell 1.3% to $2.25 on a day when it announced trading on its markets picked up last month, while the value of trade eased.

Pike River Coal (NZX: PRC ) rose 3.2% to 98 cents, ending a slide sparked by its announcement last week of further production delays. Resources companies bounced back today as the U.S. manufacturing data boosted optimism about demand for raw materials. New Zealand Refining fell 3.6% to $3.75.

Sky Network Television (NZX: SKT ) rose 1.7% to $4.78 and Freightways (NZX: FRE ) rose 1.5% to $3.35.

Businesswire.co.nz

Related News

MARKET CLOSE: NZ shares slip; Warehouse down after result, PGC gains
NZX CLOSE: Shares mixed after MPS, kiwi falls; RBD up, GFF down
ASX CLOSE: Market closes session flat
NZX CLOSE: Shares rise; Pumpkin Patch, MHI lead gains
MARKET CLOSE: NZX 50 snaps 9-day rally; PFI, PPP fall, Pike gains
ASX CLOSE: Market surges through 4800
MARKET CLOSE: NZX 50 edged up to 7-week high; Pike, Air NZ advance
MARKET CLOSE: NZX 50 lifts to 6-week high; PPP swings back to gain; ALF falls
NZX CLOSE: 7th day of gains; RBD jumps, SPY, TEL rise
ASX CLOSE: Market finds strength from materials and industrial sectors

Printable version