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Shares of partially privatised power company MightyRiverPower dropped below $2 for the first time since listing at $2.50 in May, as Finance Minister Bill English outlined reasons for cutting the government’s expected proceeds from its asset sales programme. MRP hit $1.99 in early trading on the NZX, while instalment receipts for Meridian Energy dropped to 93.5 cents, compared with their …

NZX-listed high value timber products exporter Tenon is to explore ways of enticing US investors to back the stock as the American housing market starts to lift the company’s earnings after a seven year slog through the sub-prime mortgage and global financial crises. Chairman Luke Moriarty told shareholders at the company’s annual meeting in Auckland the company would also start …

– The government is expecting to reap between $700 million and $1.1 billion from the sale next year of 49 percent of Genesis Energy, the only state-owned power company not to be partially privatised so far. Finance Minister Bill English told the finance and expenditure select committee this morning that the government would be formally revising downwards its estimate of …

The New Zealand dollar gained against the greenback and the Australian dollar on signs prices of the nation’s commodities remain elevated and as traders anticipate US data for clues to the end of monetary stimulus. The kiwi dollar rose to 82.54 US cents from 81.79 cents at 5pm in Wellington yesterday. It rose to 90.26 Australian cents, from 90.01 cents. …

Prices of dairy products staged the biggest gain in five months, pushing the average price to a two-month high, as rennet casein climbed to a record. The GDT Price Index, previously known as the GDT-TWI Price Index, rose 3.9 percent compared to the last sale two weeks ago. The average winning price was US$4,973 a tonne compared to US$4,805 a …

New Zealand shares fell, paced by power companies MightyRiverPower, Contact Energy and Meridian Energy against a backdrop of an opposition party threat to control prices, broadly stagnant demand and a new Electricity Authority probe. The NZX 50 Index fell 8.476 points, or 0.2 percent, to 4783.853. Within the index, 27 stocks fell, 17 rose and six were unchanged. Turnover was …

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The Reserve Bank of Australia kept its benchmark cash rate unchanged at 2.5 percent, as expected, in a statement almost unchanged from a month ago, reiterating economic growth has been below trend and inflation will likely remain contained. Governor Glenn Stevens also reiterated that the Australian dollar is “uncomfortably high” and that a weaker currency is probably needed to achieve …

The New Zealand dollar rose above 90 Australian cents after the Reserve Bank of Australia kept its key rate unchanged, while complaining about its own over-valued currency, adding to the view that the local economy is faring better than across the Tasman. The kiwi rose to 90.01 Australian cents at 5pm in Wellington from 89.89 cents immediately before the release, …

Synlait Milk, which is 39 percent owned by China’s Bright Dairy, said it is on track to meet its prospectus forecasts for earnings growth in 2014 as it ramps up production of infant formula and its constituent ingredients. The Canterbury-based dairy processor went public in July, raising $75 million to repay debt and build a plant to produce lactoferrin, an …