
Mixed profits tipped for earnings season
Analysts have mixed views on the outlook for the upcoming earnings season as some of NZ's biggest and most widely held firms prepare to report their annual results.
Analysts have mixed views on the outlook for the upcoming earnings season as some of NZ's biggest and most widely held firms prepare to report their annual results.
Meridian Energy's Wellington head office continues to win awards for its green credentials nearly seven years after it was completed.
The National Government's asset sale programme is complete but the debate about the process just won't go away.
The Treasury would have liked more "Mum and Dad" small investors to have bought shares in electricity generators Mighty River Power and Meridian Energy.
Households will be socked with power bill increases of as much as 24% next month and power firms and network operators are blaming each other over who is responsible.
The NZX will run out of steam unless companies, particularly the larger ones, can take advantage of the stronger economy, writes Brian Gaynor.
Indigestion triggered by the size of the Govt's power company floats and investors wanting to take profits are being blamed for a fall in NZ's benchmark index.
The decade-long surge in big wind farm building in New Zealand is nearing an end with no new projects in the pipeline as the sector booms around the world.
Voting begins today in a citizens-initiated referendum on whether the Government should sell part of its stake in power companies and Air New Zealand.
Meridian Energy's instalment receipts fell below their issue price - in early afternoon trading today.
The Government, fresh from the sale of shares in Mighty River Power and Meridian Energy, faces a harder sell when it comes to divesting a 49 per cent stake in the third and final power generator.
Meridian Energy's instalment receipts have continued to hold firm, helped by buying interest from Bank of New York Mellon Corp, through its London-based subsidiary, Newton Investment.
The head of New Zealand's investment regulator has hit out at the Government's energy company sharemarket floats and says they have failed to lead the way in making it easier for retail investors to access information.
The price of newly-listed Meridian Energy instalment receipts edged higher this morning.
Analysts expect power company's stock to keep trading above its issue price after gaining 8% on first day.
Meridian Energy's shares debuted at $1.08 after tepid demand in the initial public offering saw the stock sold at the bottom end of its indicative range.
Share price expected to rise on first day but analysts are unsure of progress after that.
The low turnout and price set in the Meridian Energy float this week has confirmed the failure of the Government's "Mixed Ownership Model", says Bernard Hickey.
Market players say Meridian Energy's initial public offer price is fair and reflects the lessons the Government has learned from its listing of Mighty River Power.
The deal will raise $1.88 billion instead of the maximum $2.25 billion for the 49 per cent share, and values Meridian at $3.84 billion.
The chances of the Govt raising $5 billion to $7 billion from its partial assets sales is looking dimmer after details of No 2 sale, Meridian, were announced last night.