KEY POINTS:
Shares closed virtually unchanged today, despite heavy trading in blue chip Auckland Airport after it canned a takeover offer yesterday.
The benchmark NZSX-50 index closed down 1.2 points at 4207.88 on heavy turnover of $185.5 million. There were 51 rises and 42 falls.
Auckland Airport rose a cent to 288 on $39.9m worth of shares traded. The stock tumbled 21c, or 6 per cent, yesterday after the board pulled out of talks with Canada Pension Plan Investment Board.
"Obviously a number of disappointed investors who were thinking they were going to profit from a much higher takeover price," said Hamilton Hindin Greene partner, Grant Williamson.
Hedge funds had been expected to quit the stock with the failure of two potential takeover bids. However, chief executive Don Huse told Reuters the company was still likely to attract offshore interest.
Following a fully subscribed share float, Fisher Funds' managed fund Marlin Global had a subdued debut today, closing marginally ahead of the $1 listing price which included one warrant for every two shares.
Marlin Global shares closed at 90c, having traded between 88c and 94c, on turnover of half a million shares. The warrants closed at 21c.
"It's a medium- to long-term investment, it's not a short-term proposition, but it's a welcome sight to see another quality fund list on the market," Mr Williamson said.
That was a marked contrast with infrastructure consulting company Opus, whose shares jumped more than 20 per cent on their $1.65 issue price when they began trading this week.
Opus shares closed today up 3c at 204.
Takeover target Sky City rose 8c to 545, possibly benefiting from investors selling out of Auckland Airport.
"The story still is the M&A activity in Sky City, and the M&A that's disappeared out of Auckland Airport," Mr Williamson said.
Telecom fell 6c to 428 ahead of its first quarter result tomorrow.
Fletcher Building rose 14c to 1200, Contact Energy was down 2c at 904, Fisher & Paykel Appliances was up 5c at 356, and F&P Healthcare fell 2c to 323.
Mainfreight was up 5c at 735, Freightways was flat at 390, and Port of Tauranga rose 5c to 710.
Trustpower fell 13c to 915, key shareholder Infratil was down 2c at 303, and Vector was a cent lower at 238.
Sky TV lost 7c to 569, Pumpkin Patch was down 5c at 299, Methven lost 5c to 240, and Rakon rose 2c to 547.
ANZ was up 55c at 3660, Westpac jumped 89c to 3740 after reporting a rise in profit, and Lion Nathan rose 14c to 1120.
- NZPA