Lib Petagna, the chief investment officer of HRL Morrison & Co which manages Infratil, has sold down his stake in the listed infrastructure investor, with Accident Compensation Corp’s investment portfolio taking up the majority of the shares. JML Capital, an entity related to Petagna, sold 3 million shares on market at $2.81 on Oct. 24, reaping $8.43 million, according to …

New Zealand shares edged up to a new record, paced by MightyRiverPower and Argosy Property, as investors bought dividend paying equities on the expectation interest rates will stay lower for longer. Guinness Peat Group dropped after updating the market about ongoing uncertainty around its UK pension obligations. The NZX 50 Index rose 4.505 points, or 0.1 percent, to 5338.331, rising to a record for the …

The New Zealand dollar held gains in the local trading session as traders remain cautious ahead of the Reserve Bank and US Federal Reserve policy meetings on Thursday. The kiwi traded at 78.94 US cents at 5pm in Wellington from 78.97 cents at 8am, up from 78.75 cents yesterday. The trade-weighted index advanced to 76.70 from 76.43 last week, after local banks …