Market close: NZ stocks weak, but media shares jump and Fonterra units top $7

New Zealand shares fell as investors continued to take profits, foundation investors in Infratil reduced their holdings and previously top 50 stocks prepare to leave the index.

The NZX 50 fell 20.53 points, or 0.5 percent, to 3974.72. Within the index, 30 stocks fell, 11 rose and nine were unchanged. Turnover was $147.5 million.

However, the newly tradable non-voting Fonterra Shareholders Fund units topped $7 for the first time, up 3.7 percent to $7.01 after listing at $5.50 on November 30.

After a strong run-up in which the NZX 50 has doubled gains on Australian and American benchmark indices, it appears some investors are taking profits, says Shane Solly at Mint Asset Management, an investment fund manager.

In addition, food producer Goodman and New Zealand's only refinery, NZ Refining, were about to leave the NZX50 index and were down 4.7 percent and 2.5 percent, respectively, to 81 cents and $2.54 respectively.

Across the Tasman, there were notable gains in the stocks of the region's two largest newspaper publishers, Fairfax and APN News & Media.

Fairfax rose 11.3 percent in afternoon trading, at 54 Australian cents, an increase of 26.3 percent for the month, albeit still down 39.2 percent on the year as a whole.

APN, which publishes the New Zealand Herald, rose 7 percent in ASX trading to 30.5 Australian cents. While dual-listed, the share rarely trades on the NZX and was quoted today at 38 New Zealand cents.

"Media stocks have been savaged in the last year or so," Mr Solly says. However, there is an increasing view that opportunities are emerging for investors, especially with increasing discussion and implementation of subscription paywalls.

On the local bourse, interests associated with Morrison family, Morrison & Co, and the firm's chief investment officer Lib Petagna sold 10 million shares in the Wellington-based infrastructure investor Infratil to institutions and high net worth investors.

Morrison & Co and the Morrison family did not disclose what price they sold at, but Mr Petagna sold 1 million shares for $2.25 million, or $2.25 apiece. That is a 4.3 percent discount to yesterday's trading price. The shares closed down 3.8 percent at $2.26.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot


Sym Price Change
USD 0.7270 -0.0019 -0.26%
AUD 0.9151 -0.0003 -0.03%
EUR 0.6141 0.0028 0.46%
GBP 0.5399 0.0002 0.04%
HKD 5.6809 -0.0110 -0.19%
JPY 81.1690 -0.7650 -0.93%


Commodity Price Change Time
Gold Index 1293.3 6.130 2017-09-22T00:
Oil Brent 56.4 0.420 2017-09-22T00:
Oil Nymex 50.7 0.110 2017-09-22T00:
Silver Index 16.9 -0.034 2017-09-22T00:


Symbol Open High Last %
NZX 50 7819.4 7870.9 7814.8 0.70%
NASDAQ 6401.4 6429.5 6422.7 0.07%
DAX 12573.4 12633.1 12592.4 0.02%
DJI 22334.1 22364.3 22359.2 -0.04%
FTSE 7310.6 7312.4 7310.6 -0.13%
HKSE 27851.5 27851.5 27880.5 -1.36%
NI225 20439.4 20454.3 20296.5 0.50%
ASX 5682.1 5710.4 5682.1 0.03%