Market close: Volatile energy stocks settle as sharemarket posts solid gain
7 Apr, 2021 05:43 AM
4 minutes to read
Contact rose 15c or 2.21 per cent to $6.94. Photo / File
NZ Herald
By: Graham Skellern
The New Zealand sharemarket posted a solid gain of more than half a per cent on a day when the volatile renewable energy stocks settled and corporate news was lacking. The S&P/NZX 50 Index rose 87.10 points or 0.7 per cent to 12,487.59. There were 84 gainers and 57 decliners over the whole market on heavy volume of 85.85 million share transactions worth $289.84 million.
There was again reasonably strong trading in Contact Energy and Meridian as they continue to face selling from the offshore exchange traded funds, but their share prices held up.
The hotelier says landscape for tourism and accommodation has changed beyond measure.
NZX-listed Millennium & Copthorne Hotels New Zealand has backed out of a planned Whangārei hotel development because of Covid-19 struggles.
In November 2019, the hotelier entered into a conditional agreement with Whangārei District Council for the purchase of central city land on Dent St for $2.15 million, subject to due diligence and Overseas Investment Office approval.
On announcing the deal, MCK said the site was likely to carry one of its international four-star brands, with the hotel comprising between 70 and 80 rooms, car parks, a gym, restaurant/bar, and meeting rooms.
Market close: Travel stocks surge on transtasman bubble announcement
6 Apr, 2021 05:38 AM
4 minutes to read
Stocks benefiting from the introduction of a transtasman travel bubble rose sharply. Photo / Getty Images
NZ Herald
By: Graham Skellern
Further selling in Contact Energy and Meridian on the New Zealand sharemarket outweighed sharp gains in stocks benefiting from the introduction of a transtasman travel bubble. There was heavy trading in the leading energy renewable stocks as the offshore exchange trade funds rebalance their weightings in the S&P Global Clean Energy Index.
This resulted in the S&P/NZX 50 Index falling 87.82 points or 0.7 per cent to 12,400.48 on volume of 97.6 million share transactions worth $207.54 million. There were 74 gainers and 63 decliners over the whole market.
Delight as plan for hotel in Whangārei canned - now fight on to save unique Almond Court flats
6 Apr, 2021 05:00 PM
4 minutes to read
Architectural designer Helen Beran and architect Felicity Christian are pleased a plan for a hotel on the Almond Court flats site in Whangārei have fallen over. Now they want the unique flats saved
Architectural designer Helen Beran and architect Felicity Christian are pleased a plan for a hotel on the Almond Court flats site in Whangārei have fallen over. Now they want the unique flats saved
Mike Dinsdale is Northern Advocate deputy editormike.dinsdale@nzme.co.nznorthernadvocat