New listings of houses for sale stalled in September, according to online advertiser realestate.co.nz, but the usual spring surge is still expected in October and November, despite new lending restrictions coming into force today. The site’s marketing manager, Peter McKenzie, told BusinessDesk the 5.3 percent fall in listings between August and September was the first such drop since 2007, but …

Harbour Asset Management, the Wellington-based boutique fund manager, has emerged as a substantial security holder in Tower following yesterday’s placement to sell Guinness Peat Group’s stake in the general insurer. Harbour Asset holds 12.95 million shares, or about 6.3 percent of Tower, it said in a statement to the NZX. First NZ Capital handled the placement of GPG’s 33.6 percent …

The New Zealand dollar jumped against the greenback overnight as investors weigh the imminent prospects of a partial US government shutdown later today should Congress fail to reach agreement on funding. The kiwi rose to 83.03 US cents at 8am in Wellington, from 82.84 cents at the 5pm market close in Wellington yesterday, making it the strongest performer versus the …