tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, November 1st, 10:39AM

Investments

rss
The Markets

Shares sink on shock CEO resignations

New Zealand's main share index fell as surprise resignations from Pacific Edge and Synlait Milk’s chief executives sent both stocks tumbling.

Monday, April 12th 2021, 6:15PM

by BusinessDesk

The S&P/NZX 50 Index fell 55.64 points, or 0.4%, to 12,518.71. Within the index, 24 stocks fell, 20 rose and six were unchanged. Turnover was $198.9 million.

Pacific Edge led the decline, falling 4.2% to $1.15, after David Darling announced he would step down as chief executive in April next year.

On Friday, shares in the cancer diagnostic firm leapt more than 20% after the biggest healthcare group in the United States approved its Cxbladder test for bladder cancer.

Today’s decline likely reflects some profit-taking from that surge, rather than a reaction to Darling’s resignation as he will stay with the company in a consulting role.

Synlait Milk dropped 2% to $3.43 as investors reacted to the sudden and unexplained departure of its chief executive, Leon Clement.

A senior dairy analyst at NZX said the surprise resignation may be linked to the dairy processor’s 76% drop in net profit during the six months ended January.

The market announcement gave no reason for Clement’s resignation but noted the impact covid-19 had on Synlait and the challenge it presented to the management team.

Key customer A2 Milk – which is largely responsible for the net profit fall – also declined 0.4% to $8.57.

Renewable electricity generators continued to rebound just one week before the rebalancing of a critical clean energy index.

Meridian Energy climbed 3.1% to $5.62, Mercury Energy was up 3% at $6.75, and Trustpower rose 2.9% to $8.49.

Small scale firm, NZ Windfarms' share price jumped 5% to 21 cents after it completed a fixed price agreement for its electricity supply in 2022.

The board said the deal will result in revenue being “materially higher” compared to this year, although it wouldn’t announce earnings guidance until a budget is approved in the next three months.

Summerset shares climbed 0.9% to $12 after reporting March quarter sales had nearly doubled from the same quarter last year - although down a little from its record December quarter.

The retirement village operator sold 275 units in the three months ended March compared with 141 in the same quarter last year and 296 in the December quarter.

The kiwi dollar was trading 70.24 US cents at 5pm in Wellington, down from 70.39 cents on Friday.

The trade-weighted index was at 73.93 at 5pm, from 73.95 on Friday. The kiwi traded at 92.41 Australian cents from 92.30 cents, 76.97 yen from 76.95 yen, 59.10 euro cents from 59.15 cents, 51.34 British pence from 51.26 pence, and 4.6031 Chinese yuan from 4.6098 yuan.

Tags: Market Close

« Pacific Edge surges; NZX 50 fallsAussie investors spot value in A2 Milk »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

AM Update - Your morning business news update

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com