Market close: NZ sharemarket falls more than half a per cent
1 Apr, 2021 04:40 AM
5 minutes to read
AFT Pharmaceuticals slumped 57c or 11.52 per cent to $4.38. Photo / 123RF
NZ Herald
By: Graham Skellern
The New Zealand sharemarket gave back much of its gains from the day before, falling more than half a per cent on steady trading as it entered the four-day Easter break. The S&P/NZX 50 Index fell 72.38 points or 0.58 per cent to 12,488.31, after rising 0.92 per cent on Wednesday. The index picked up in late trading, beforehand reaching an intraday low of 12,439.41.
There were 63 gainers and 74 decliners over the whole market, with 43.46 million shares worth $165.38 million changing hands.
13 hot tech companies sold offshore: Did NZ benefit?
13 minutes to read This month has seen two substantial technology companies sold offshore, with Auckland-based retail software firm Vend going to NYSE-listed Lightspeed for $450 million, and Christchurch geologic 3D modelling outfit Seequent acquired by Nasdaq-listed Bentley Systems for $1.45b.
Backers were quick to claim that jobs would stay in New Zealand (Vend and Seequent employ some 400 locally between them) and that investors like Movac and Punakaiki Fund (Vend) and Pencarrow (Seequent) would recycle money back into the local tech ecosystem.
A look back at 13 past high-profile tech sales (from a field of many more) reveals that sometimes that happens … and sometimes it doesn t.
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Rising tension: Bond yields puts market at odds with RBNZ
9 Mar, 2021 04:00 PM
4 minutes to read
Reserve Bank is keen to keep mortgage interest rates low in the face of rising bond yields. Photo / NZ Herald
Reserve Bank is keen to keep mortgage interest rates low in the face of rising bond yields. Photo / NZ Herald
Rising bond yields have continued to put the market at odds with the Reserve Bank s efforts to keep funding costs low. The Reserve Bank last week advised that its week bond buying programme would increase this week to $630 million, from the previous rate of $570m, but market analysts said the increase was more likely to be technical rather than signalling any change of stance.
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