New Zealand shares fell as market shooting stars such as Xero and Ryman Healthcare retreated from record highs, while Kathmandu, A2 Corp and Fonterra Shareholders’ Fund advanced. The NZX 50 Index fell 11.35 points, or 0.2 percent, to 4603.01. Within the index, 27 stocks rose, 16 fell and seven were unchanged. Turnover was $111 million. Xero, the cloud-based accounting firm …

The New Zealand dollar held near a two-week high after Chinese manufacturing figures weren’t as bad as investors may have feared, and ahead of the Federal Reserve’s monetary policy where it’s expected to hold firm on its low interest rates and money printing programme. The kiwi traded at 85.73 US cents at 5pm from 85.69 cents at 8am, and 85.63 …

Shares in Kathmandu rose 2.2 percent after the outdoor equipment retailer said it kept its pace of sales growth through the third quarter, without firming up annual earnings guidance. The Christchurch-based retail chain lifted sales 13 percent to $89.7 million in the 13 weeks ended April 28, retaining the momentum in revenue growth from the first half of the financial …

Dorchester Pacific, which avoided failure in 2010 by convincing investors to accept a debt-for-equity swap, has upped its profit guidance, flagged an intention to start paying dividends, and will re-jig its capital structure to help fund future acquisitions. The Auckland-based firm says profit was about $1.6 million in the year ended March 31, having previously said it would be between …

The New Zealand dollar held near a two-week high before the release of China’s manufacturing PMI which will provide fresh clues to the pace of economic growth for the nation’s biggest trading partner. The kiwi edged up to 85.71 US cents from 85.63 cents at 5pm in Wellington yesterday, having reached as high as 85.85 cents overnight. The trade-weighted index …

As US Federal Reserve policy makers began their two-day meeting a report showed a surprise contraction in the country’s business activity in April, further weakening the greenback amid expectations for ongoing monetary stimulus. The MNI Chicago Report’s business barometer fell to 49, dropping below 50 for the first time since September 2009, from 52.4 in March. Offsetting that disappointing data …

The failed Hanover Finance group of companies was “responsibly governed and managed,” according to shareholder Eric Watson, who was today cleared of any criminal wrongdoing when the Serious Fraud Office decided not to prosecute any of the lender’s former owners or directors. SFO acting chief executive Simon McArley said there were serious questions over Hanover’s behaviour, including how it disclosed …

New Zealand business confidence fell for a second month, with the agricultural sector remaining pessimistic about the general economic outlook and profits, while construction remained the most bullish. A net 32 percent of firms expect general business conditions to improve in the year ahead, according to the ANZ Business Outlook, down from 35 percent in the March survey. Firms seeing …

Summerset Group, the retirement village operator and developer, is on track to meet its build target this year, and sees growth opportunities in aged care services to complement its apartments and villas. The Wellington-based company is on track to deliver more than 200 retirement units and 70 more care beds this year, as it looks to reach an annual construction …

Wellington institutional broking firm Woodward Partners ranks the risks to MightyRiverPower of the Labour and Green parties’ new electricity policy as moderate, and far lower than many other risks the company faces. A research report from Woodward analyst Nick Lewis ranks the Labour-Greens policy 10th in a list of 16 risks faced by the state-owned power company, 49 percent of …