News Round Up
Monday, January 9th 2006, 7:22AM
Being the start of the year there isn’t a heap of news happening at the moment, however Good Returns will continue to provide its readers with news and info as it has since Christmas.
Today there is a new posting in Phil’s Blog on savings issues.
Maybe we are saving enough?
As this year is likely to be a big one for the savings industry it seems appropriate to start with a Blog the subject. The reasons I suggest savings will be a theme of the year is that KiwiSaver is likely to be properly born, as being more a twinkle in the eye as it is at the moment, tax issues will be centre stage as will regulation of the sector. [MORE]
NZ Sharemarket report
Each day Good Returns provides readers with a comprehensive sharemarket report. You can access this each day by clicking on The Markets link in the left hand navigation bar.
Events coming up
The start of each year is characterised by a whole range of fund manager organised roadshows and presentations for advisers. To see what is on check out the diary page of Good Returns here
Standard and Poors has assigned a four-star rating to PM Capital's Absolute Performance Fund.
The fund is a long-biased investment fund seeking to generate absolute after-tax returns over a two to three year period by investing in undervalued companies.
S&P comment positively on the team at PM Capital and that the fund tries to be tax efficient. It is convinced the fund will outperform its objectives and its peers over an investment cycle.
Goodman Fielder enters top 50 in index changes
The New Zealand Exchange (NZX) has reshuffled the sharemarket's top 50 index following its quarterly index review.
In changes announced last month, Capital Properties has now exited the top 50 index making way for new market entrant Goodman Fielder.
Capital Properties is currently the subject of a $1.48 a share takeover offer from AMP Property Portfolio. AMP Property currently holds just under 85% in Capital Properties, and is aiming to get to 90%, sparking a compulsory acquisition of all remaining shares, by the time the offer closes on January 13.
As Capital Properties exited, Goodman Fielder made its debut in the top 50. Goodman Fielder listed on the main board on December 19 at an issue price of $2.13, today it rose 2c to $2.27.
In other index changes Carter Holt Harvey, which is the subject of a $2.50 a share takeover offer from Graeme Hart's Rank Group, was transferred from the NZX 10 Index to the NZX MidCap Index, swapping placed with Vector.
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