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20 Nov 2017 6:56
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  •   Home > News > Business

    Shares fall on pre-election jitters

    New Zealand shares fell on Tuesday as CBL Corp extended its decline while retirement stocks Arvida Group and Metlifecare were sold on pre-election jitters.

    12 September 2017

    New Zealand shares fell on Tuesday as CBL Corp extended its decline while retirement stocks Arvida Group and Metlifecare were sold on pre-election jitters.

    The S&P/NZX50 Index slipped 11.34 points, or 0.1 per cent, to 7840.41. Within the index, 25 stocks fell, 16 rose and nine were unchanged. Turnover was $134 million.

    Blue-chip stocks weighed on the benchmark index with Z Energy falling 1.7 per cent to $7.48, Auckland International Airport down 1.4 per cent to $6.47 and Contact Energy declining 1.3 per cent to $5.33.

    "Most of the large-cap stocks are a bit weak, that's part of the reason the index is down today relative to what has happened offshore," said Craig Stent, head of equities at Harbour Asset Management.

    "Don't forget we're still seeing pretty strong performance returns and valuations are pretty lofty, we're up 14 per cent year-to-date. There's obviously increasing uncertainty related to the election, and what that's likely to mean."

    CBL led the index lower for the second day in a row, down 2.4 per cent to $2.85, the lowest it has closed since August 2016.

    "Management are doing the rounds with investors at the moment. The core underlying business seems to be going okay but some investors may not be up to speed."

    Arvida Group dropped 2.3 per cent to $1.26. It plans to raise $77 million in a discounted rights issue at $1.15 apiece to help pay for three new retirement villages which it says will boost annual earnings by 8 per cent.

    "Election jitters are starting to come through a little bit. If migration's turned off completely that is not a positive influence for the property market as it has been in the last few years."

    Metlifecare dropped 1.2 per cent to $5.80, while Summerset Group was unchanged at $4.97.

    In late trading on the Australian stock exchange, CropLogic, the agricultural technology company, dropped 23 per cent to A15.5c on its debut.


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