- Spark Finance seeks extension of its standby credit facility.
- Precinct Properties New Zealand released its quarterly update, revealing the termination of its Management Services Agreement has led to considerable cost savings.
- Tower provided an update on the financial impact of the devastating Canterbury floods.
As NZX heads towards another day of buying and selling of companies’ securities, certain stocks made their mark and were active on the NZX, offering higher liquidity, thereby reducing the cost impact.
Source: Copyright © 2021 Kalkine Media
This article gives a snapshot of the trading volume of 6 NZX stocks today.
Spark New Zealand Limited (NZX:SPK)
New Zealand’s renowned telecommunications company, Spark New Zealand Limited, notified the extension of the standby facility of Spark Finance, its wholly owned subsidiary, by one year.
The above facility amounting to NZ$200 million, will mature after 3 years in 2024.
On 17 June, at the time of writing, Spark New Zealand’s shares recorded a trading volume of 152,301, and was trading at NZ$4.785, up by 0.74%.
Meridian Energy Limited (NZX:MEL)
Functioning as the key electricity generation and retailing company across New Zealand, Meridian Energy Limited, at the time of writing today, noted a trading volume of 69,786. It had released its operating report for May 2021, wherein its total monthly inflows stood at 111% of the historical average.
The Company experienced enhanced retail sales as well as observed an increase in the domestic electricity demand by 23.4% and 3.0%, respectively, in May 2021, as compared to pcp.
Meridian Energy’s shares were trading at NZ$5.295, up by 0.09%.
Precinct Properties New Zealand Limited (NZX:PCT)
The property investment vehicle, Precinct Properties New Zealand Limited, majorly invests in commercial office spaces. The Company has recently provided a quarterly update, in which it had revealed the discontinuance of its Management Services Agreement in March 2021.
With internalisation of its management, the Company anticipates a significant amount of cost savings.
Moreover, it has notified the commencement of the construction of One Queen Street, which will be completed in 2023 and had also, issued a 6-year, secured green bond offer of NZ$150 million in May 2021.
Further, the Company will release its FY21 results in August 2021.
On 17 June, at the time of writing, Precinct Properties New Zealand’s trading volume was 51,930 and was trading at NZ$1.595, up by 0.63%.
Kiwi Property Group Limited (NZX:KPG)
Another company operating in the real estate sector is Kiwi Property Group Limited, which at the time of writing today, was one of the most traded stocks with a volume of 2,535,808. It had recently notified its stakeholders about the appointment of Angela Henderson as GM, Digital.
With a vast experience in the technological field, Henderson will supervise KPG’s digital transformation.
On 17 June, at the time of writing, shares of Kiwi Property Group was trading at NZ$1.18, up by 0.85%.
Tower Limited (NZX:TWR)
Operating as a general insurance provider, Tower Limited had recently disclosed receiving 164 claims following the heavy Canterbury floods.
As per the Company’s estimates, the financial impact of the unfortunate event could be between NZ$2.8 million to NZ$3 million before tax.
As a result, it has updated its underlying NPAT guidance for FY21 to be in the range of NZ$22 million to NZ$24 million for FY2021.
On 17 June, at the time of writing, Tower recorded a trading volume of 39,927, and was trading at NZ$0.755, down by 0.66%.
Pushpay Holdings Limited (NZX:PPH)
Pushpay Holdings Limited held its virtual Annual Meeting on 16 June 2021. Two major resolutions were passed by the shareholders, which saw the appointment of Ms Lorraine Witten as an Independent Director w.e.f. 22 September 2020.
Moreover, the Board has been authorised to fix its auditor’s fees as well as expenses.
On 17 June, at the time of writing, Pushpay Holdings noted a trading volume of 18,970, and was trading at NZ$1.74, down by 0.57%.