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New Zealand shares fell as Fletcher Building, the biggest company on the NZX 50 Index by market value, left some investors at a Macquarie briefing in Sydney with the impression earnings would be at the low end of guidance. The NZX 50 fell 30.14 points, or 0.7 percent, to 4544.32. Within the index, 22 stocks rose, 19 fell and nine …

New Zealand’s first public offer privatisation of the 21st century is a week away, with registrations from individual New Zealand investors closing at 5pm ahead of next week’s book-build, following by listing on the NZX and ASX next Friday. No details will be released of the number of registrants. Some 440,000 New Zealanders requested the 260-page prospectus offering shares in …

NZX wants to boost its exposure to agriculture and commodities and the company is on the hunt for bolt-on acquisitions less than $5 million, says chief executive Tim Bennett. “We continue to look for small add-on acquisitions,” Bennett told shareholders at their annual meeting in Wellington. “Ultimately, of course, we would like to offer a broad range of soft commodity …

The New Zealand dollar climbed above 83 Australian cents for the first time since October 2009 as investors look for increasing returns on this side of the Ditch ahead of next week’s Australian central bank. The kiwi climbed to 83.02 Australian cents at 5pm in Wellington, near its 83.08 cents high, from 82.86 cents yesterday. The local currency gained to …

Former New Zealand Shareholders Association chairman Bruce Sheppard will face trial by judge alone after former Hanover Finance shareholders Mark Hotchin and Eric Watson succeeded in arguing their defamation case was too complex for a jury. Judge Mark Cooper ordered a trial by judge alone based on “the complexity of the issues that are likely to arise and the nature …

Westpac New Zealand has pulled back on its level of mortgage lending where it wears the bulk of the risk, amid increasingly volatile house prices. The lender has reduced its level of lending above an 80 percent loan-to-value ratio (LVR) to about 21 percent from about 22 percent a year after house prices in Auckland and Christchurch rose at a …

Briscoe Group, the homeware and sports goods chain controlled by managing director Rod Duke, lifted first-quarter sales 5.9 percent, helping offset weaker gross margins caused by increasing competition among retailers and a late start to winter. Sales rose to $108.6 million in the three months ended April 28, the Auckland-based company said in a statement, with a 5.5 percent lift …

Average house prices in Auckland fell from a record high last month, snapping a three-month advance, as more properties came to market, according to Barfoot & Thomspon, the city’s biggest realtor. The average sale price fell about 0.5 percent to $643,089, having reached a record $645,928 in March, the firm said. The median price dipped 2.4 percent to $566,000 The …

Z Energy’s second full year of operation since its sale to local investors by Shell has produced a 13.1 percent lift in operating earnings, although sales have fallen as the transport fuels distributor cut out loss-making contracts and faced severe competition on petrol station forecourts. Earnings before interest, tax, depreciation, amortisation and changes in the value of financial instruments came …

NZX has signalled an end to its unconventional dividend policy, which has tied the stock market operator to stepped increases of not less than 1 cent a share since 2009. The Wellington-based company today declared a first-quarter dividend of 1.25 cents a share and expects to pay 5.6 cents for the year. That’s based on a dividend policy introduced in …