Fletcher Building Overtakes Spark New Zealand as NZX’s Largest Listed Company

Spark New Zealand
Spark New Zealand

NEW ZEALAND – Spark New Zealand, a New Zealand-wide communications service provider, is no longer the country’s largest listed company by market capitalization after it was bumped off the top spot by Fletcher Building.

The New Zealand Herald reported that Spark’s market capitalization was valued at USD5.17 billion Thursday from USD6.51 billion in February. The value is not even enough to land Spark on the second spot.

Investors’ sentiments seemed to have moved from telecommunications to other sectors as Fletcher Building, the infrastructure and building materials manufacturer and general construction contractor, is now New Zealand’s largest listed company.

Fletcher Building posted a market cap of USD5.65 billion followed by Auckland International Airport, the second largest, at USD5.45 billion.

Meanwhile, New Zealand shares dropped Thursday, paced by power and broadband company Trustpower as a major shareholder reduced its stake.

Spark New Zealand, MightyRiverPower and Contact Energy also declined.

The NZX 50 Index fell 35.705 points, or 0.6 percent, to 5757.909. Within the index, 25 stocks fell, 16 rose and nine were unchanged. Turnover was $285 million.

Trustpower declined 2.2 percent to $7.90, while $156 million worth of shares changed hands.

Shareholder Tauranga Energy Consumer Trust reduced its stake to about 27 percent from 33 percent, selling 20 million shares for $7.74, or $154.8 million.

Most of the shares were sold to New Zealand institutions and retail investors, with a small amount bought by Australians. The sale price was a discount to Trustpower’s $8.08 closing price yesterday. – BusinessNewsAsia.com