Guinness Peat Group has sold its stake in Tower for about $118 million leaving the UK threadmaker Coats as its sole investment and signalling the end of its portfolio divestment. GPG sold about 69.6 million shares at $1.70 apiece, the company said in a statement to the NZX. That’s 5.6 percent below the level they traded On Friday. Today the …

The New Zealand dollar weakened as investors favoured less risky currencies amid rising political uncertainty ahead of a potential US government shutdown as Congress fails to reach agreement on the budget. The kiwi slipped to 82.61 US cents from 82.80 cents at the New York close and 82.90 cents at the 5pm Wellington close on Friday. The trade-weighted index fell …

All eyes are on the partisan political brinkmanship in the US Congress as the deadline for a budget deal to avert a government shutdown at midnight on Monday in Washington is closing in rapidly. While there is still optimism for an agreement, investors realise that it ain’t over till the fat lady sings. Last week, the Standard & Poor’s 500 …

New Zealand shares advanced, pushing the NZX 50 Index to a new record, led by children’s clothing retailer Pumpkin Patch which posted a return to annual profit following a loss the previous year as it restructures its business. The NZX 50 rose 17.206 points, or 0.361 percent, to 4,782.679. Within the index, 22 stocks rose, 20 fell and eight were …

Postie Plus, the retailer whose shares are the worst performer on the NZX this year, plunged deeper into the red after its poorly executed outsourcing deal for a distribution centre in Mangere disrupted the business, and has left it relying on its banks to keep it cash-flow positive. The Auckland-based retailer’s loss widened to $11.6 million, or 29.12 cents per …

The New Zealand dollar is heading for a 1 percent weekly decline as investors stay glued to US economic data after the Federal Reserve put plans to taper its monetary stimulus programme on hold. The kiwi traded at 82.90 US cents at 5pm in Wellington from 83.71 cents at the Monday open. It was up from 82.75 cents at 8am …

Fletcher Building, the biggest listed company in New Zealand, faces a probe into potentially anti-competitive behaviour in its plasterboard supply arrangements. The Auckland-based company has today been advised that the competition watchdog, the Commerce Commission, “intends to inquire into its plasterboard supply arrangements with building supplies merchants,” it said in a statement. A spokesman for the Commerce Commission confirmed the …

Genesis Energy is to mothball the second of four generating units at its ageing Huntly power station more than a year earlier than previously signalled as flat demand and a surge in new, lower cost generation has made it surplus to requirements. Genesis spokesman Richard Gordon said the decision was made after observing that, even with a severe drought earlier …

Shares in Pumpkin Patch are the best performer on New Zealand’s benchmark index today as the children’s clothing retailer turned to a profit in 2013 after posting a loss the year earlier when it reorganised its business. Pumpkin Patch shares rose 5 percent to $1.05 after the company said net profit was $5.1 million in the year ended July 31, …

Shares of Air New Zealand rose 6 cents today to trade at $1.50, ahead of the announcement at the annual general meeting in Auckland that the company is to extend its share buyback scheme for a further year. Air NZ shares closed last night at $1.44, opened at $1.455 and by 11.45am were trading at $1.50. The buyback was announced …