Auckland house price growth stalled for a second month in May as buyers baulked at rising prices, according to Barfoot & Thompson, the city’s biggest realtor. The average sale price edged up 0.3 percent to $644,737 in May, following a 0.5 percent drop in April, the firm said. The median price advanced 0.7 percent to $570,000. “The Auckland property market …

The value of cash market trading on the NZX topped $5 billion last month with the value of equities changing hands almost doubling from a year earlier after state-controlled energy company MightyRiverPower joined the bourse. Total value traded jumped 92 percent in May for an average daily value of $218 million, according to NZX’s monthly shareholder metrics. That was off …

The New Zealand dollar fell to a nine-month low as investors concerned about global growth moved to the relative safety of US Treasuries. The kiwi dropped to as low as 79.25 US cents early this morning and recently traded at 79.48 cents, down from 80.46 cents at 5pm yesterday. The trade-weighted index slid to 74.64 from 75.45. Investors sold equities …

Wall Street sank amid disappointing jobs data and concern about chances the US Federal Reserve will ease back its stimulus measures. “Overall economic activity increased at a modest to moderate pace,” the Fed said in its Beige Book. “Hiring increased at a measured pace in several Districts, with some contacts noting difficulty finding qualified workers.” The Fed is looking for …

Air New Zealand, the only one of 11 airlines not to settle an antitrust suit over cargo with the Commerce Commission, has withdrawn a court challenge to the settlement deal. Air NZ has agreed to pay as yet unspecified costs to the regulator and the two sides have sought a penalty hearing, according to a joint statement from the airline …

Diligent Board Member Services plans to offer an additional US$6.7 million of performance-related cash, shares and options to its chief executive after its earlier bonus scheme fell afoul of regulations. CEO Alessandro Sodi will be offered 4.1 million units over five years, worth an estimated US$29.1 million, replacing an earlier package worth US$22.4 million, the New York based company said …

Heartland New Zealand shares rose to a two-year high and its credit rating was affirmed by Standard & Poor’s after the lender decided to take over the management of distressed assets and wear the cost upfront. The shares jumped 7.6 percent to 85 cents, the highest level since February 2011, after the Christchurch-based bank cut its annual profit guidance to …

Dorchester Pacific investors have exercised more options than the financial services firm was expecting and it has asked major shareholders whether they are willing to sell down their stakes in a placement. About 134 million options were converted to shares at 12.5 cents apiece, or $16.75 million, out of a total 150 million, Dorchester said in a statement. That was …

Heartland New Zealand, which gained bank registration in December, has cut its earnings expectations after deciding to take the management of distressed assets in-house. It was more upbeat about growth in 2014. The Christchurch-based lender expects net profit of $7 million in the 12 months ending June 30 after taking an $18 million charge on writing down the value of …

The New Zealand dollar fell as signs of a pickup in US economic growth spurred demand for the greenback. The kiwi dropped as low as 79.63 US cents early this morning, dipping below 80 cents for the second time in a week, and recently traded at 80.17 cents from 80.55 cents at 5pm in Wellington yesterday. The trade-weighted index slipped …