New Zealand stocks fall most often in Asia; Z Energy still under pressure

New Zealand stocks fell sharply in Asia as Z Energy pulled the market down for another day in the face of rising oil prices, increased competition and the threat of increased regulation.

The S & P / NZX 50 Index lost 108.33 points, or 1.2%, to 8,802.26 points. Within the index, 39 shares fell, nine won and two remained unchanged. The turnover amounts to 115.6 million dollars.

The local market recorded the largest decline in Asia-Pacific. The Australian S & P / NZX 200 index fell 0.2% in the afternoon, that of Hong Kong to Hang Seng by 0.3% and that of Japan from Topix to 1.1%.

Z energy led the local market down, down 3.9% to 6.10 USD, the lowest level since February 2016. The stock price fell 11% this week after the company's Transportation fuels announced a drop in gasoline volumes as a result of rising oil prices. At the same time, the country is facing increased competition from low cost operators such as Waitomo and the government threatens to intervene at the regulatory level.

Matt Goodson, managing director of Salt Funds Management, said the stock price was subject to pressure from operational data showing lower fuel volumes and the impact of a study of the Trade Commission on the fuel market on margins. These regulatory powers still need to be promulgated.

"It's a bit of convergence of difficulties for Z," he said.

Refining in New Zealand decreased by 3.2% to $ 2.43.

Ryman Healthcare dropped 3.9% to $ 12 on lighter volumes than usual. Metlifecare was down 2.5% to $ 5.85 and Summerset Group decreased 1.3% to $ 6.85.

Goodson said that housing data for September showed a slow market over a generally busy month, which could weigh heavily for retiree village operators.

Spark New Zealand reported the most active activity with 2.6 million shares traded, with shares rising 0.5% to $ 3.90. Contact energy decreased by 0.4% to settle at $ 5.61 on a volume of 2.5 million euros and Meridian Energy was down 0.8% to 3.11 dollars over 2.2 million shares traded.

Auckland International Airport decreased by 1.3% to $ 6.92 on a volume of 1.9 million. Kiwi Property Group down 0.4% to $ 1.35 on 1.8 million shares, and Air New Zealand down 1.3% to 2.74 dollars on one million shares.

Restaurant Brands New Zealand slipped 2% to $ 8.50, giving up a portion of yesterday's 14% gain. The fast food operator has received an indicative takeover offer of $ 9.45 for three quarters of the company. First NZ Capital raised its rating on the stock to "neutral" and stated that the price of the offer was compelling.

Fletcher Building fell 2.1% to 6.10 dollars and Sky Network Television increased by 1.3% to $ 2.28. A2 Milk Co decreased by 1% to $ 10.31.

Ebos Group slipped 0.5% to 21.70 dollars after stating that he would pay 50 million Australian dollars to buy back the minority shareholders of the Terry White group.

Outside the benchmark, Tilt Renewables slipped 0.9% to $ 2.28 after raising earnings expectations while reducing the value of its Australian assets. The company is the subject of a takeover bid of $ 2.30 per Infratil share. Infratil down 0.7% to $ 3,435.

Pyne Gould Corp increased by 6.1% to 35 cents. Following the closing of the negotiations, Pyne Gould issued notice of a special meeting to decide on a plan not to list NZX on the Guernsey Stock Exchange. The meeting will be held in Queenstown on October 31st.