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Shares in Tower fell to a two-month low after the insurer gave more guidance on its licensing requirements, raising concerns it may have to hold more cash on its balance sheet. The stock fell 3.2 percent to $1.79 after the Auckland-based company yesterday said it needs a minimum solvency margin of $80 million above minimum solvency capital from Aug. 16 …

Shares in Abano Healthcare climbed to a four-month high after the specialty health clinic investor said it had batted away an unsolicited proposal from an unnamed party alongside director Peter Hutson, and now faces a potential takeover bid. The stock jumped 11 percent to $6.51 after the Auckland-based company said it received and rejected an unsolicited non-binding indicative offer north …

Shares of telecommunications infrastructure owner Chorus bounced 5.9 percent when trading opened on the NZX this morning after Communications Minister Amy Adams announced a new way forward on the vexed issue of regulated pricing for copper network services. By mid-morning, Chorus shares were at $3.07, above their listing price of $2.94 in November 2011 for the first time since March. …

Abano Healthcare, which last week reported a 75 percent jump in annual profit, faces a takeover bid after turning down an offer north of its current $100.2 million market price from an unnamed party alongside director Peter Hutson. The Auckland-based company received and rejected an unsolicited non-binding indicative offer from a third party seeking to invest and operate in the …

The New Zealand dollar recovered more ground as fears of weaker exports and lower payouts to farmers receded following a food contamination scare at Fonterra Cooperative Group, the nation’s largest company. The kiwi rose to 78.98 US cents at 8am in Wellington from 78.51 cents at the 5pm market close. The trade-weighted index advanced to 74.67 from 74.37 yesterday. The …

Prices of dairy products fell in the latest GlobalDairyTrade auction, while the volume sold jumped to a record, suggesting little if any reaction to Fonterra Cooperative Group’s whey protein contamination scare. The GDT Price Index, previously known as the GDT-TWI Price Index, fell 2.4 percent compared to the last sale two weeks ago. The average winning price was US$4,847 a …

Wall Street fell a second day after two other US Federal Reserve officials suggested the central bank could begin easing its bond-buying program next month. In late afternoon trading in New York, the Dow Jones Industrial Average slid 0.62 percent, the Standard & Poor’s 500 Index fell 0.59 percent and the Nasdaq Composite Index dropped 0.78 percent. Shares of International …

The New Zealand dollar pared gains against its Australian counterpart after the central bank cut interest rates across the Tasman, matching the local key rate, but without indicating if there’s scope for further cuts. The kiwi fell to 87.47 Australian cents at 5pm in Wellington from 87.72 cents immediately before the announcement and 87.53 cents yesterday. The local currency traded …

The Reserve Bank of Australia cut its cash rate by a quarter point to 2.5 percent as expected, matching its New Zealand counterpart’s official cash rate for the first time in more than four years and lifting the relative appeal of the kiwi. The RBA made good on its observation in recent statements that inflation in Australia is benign enough …

Property For Industry, whose shares have gained 14 percent this year, is looking expensive compared to its peers, according to brokerage Craigs Investment Partners which cut its recommendation to ‘sell’ from ‘hold’. Property For Industry almost doubled in size following a July 1 merger with Direct Property Fund. The company yesterday posted its last earnings before the merger, showing an …