A couple of sizeable deals in the property sectors took the attention on an otherwise quiet New Zealand sharemarket today.
Macquarie Goodman Property Trust (MGP) announced a $318 million property buy-up to boost its portfolio to $1 billion and make it the country's second-largest listed property trust.
The move would mean MGP ranked second only to Kiwi Income Property Trust and lift its Stock Exchange ranking to a top-25 placing. It said it would part-fund the purchase through an institutional placement that would raise $112.7m. MGP shares, which last traded at 122, were put on a trading halt until next week.
A parcel of 26.7 million shares, 5.5 per cent, of AMP Office Property Trust, part of Multiplex's 26 per cent stake, was sold at 97c. ABN Amro placed the shares with institutions AMP Office shares closed 1c lower at 99c.
Elsewhere the market was lacklustre with the benchmark NZSX-50 gross index closing up 10.24 points at 3407.33, while the NZSX-All capital index ended up 1.82 points at 1000.77.
Turnover was boosted to almost $200m by the property deals.
Market leader Telecom staged a late rally to end flat on 523.
Carter Holt Harvey rose 2c to 275, suggesting billionaire Graeme Hart's Rank Group may have a fight on its hands to snare the extra few per cent it needs to complete its takeover at that price.
Contact Energy rose 5c to 721 while TrustPower rose 10c to 650 as power prices continue to rise in response to lower hydro lake levels. UBS broker Paul Nicholson said it appeared Origin Energy's plan to merge with Contact was getting little traction.
Mainfreight, which put out a strong half year result last week, rose 9c to 435.
Another to put out a strong result, Promina, continued to rise, gaining 6c to 621, while Waste Management, in the same category, rose 4c to 649.
Bathroom products company, Methven fell 10c, or 7.7 per cent, to 120 after it downgraded its profit outlook for the year ending March 31. It said profits had been squeezed by lower than expected sales in the second half of the year and tough trading conditions in the Australian valve market.
Electronic payment device firm Cadmus Technology dropped 2c, or 9 per cent, to 21c after it reported a sharp drop in half year profit on Tuesday.
Bermuda-registered Richina Pacific fell 2c, or 4 per cent, to 48c, after it posted a higher full year profit, but said its New Zealand building unit Mainzeal faced major losses from its investment in one of New Zealand's biggest building contractors.
On the other side, minnows to gain included NZ Experience up 3c to 30c and CableTalk, also up 3c, to 57c.
- NZPA
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