Friday 13th July 2012 |
Text too small? |
AMP Capital Investors (New Zealand) has sold down its stake in Telecom to below 5 percent, taking advantage of a stock price trading around its highest levels in four years.
The Wellington-based fund manager, one of New Zealand's largest, sold 18.9 million shares of Telecom between April 1 and July 7, reducing its stake to about 4.9 percent from 5.7 percent.
Shares of Telecom, which spun off its Chorus network company in November, fell 0.9 percent to $2.56 and have climbed 22 percent this year. They traded as high as $2.75 on May 10, the highest since August 2008.
The stock is rated a 'hold' based on the consensus of 10 analyst recommendations compiled by Reuters with a price target of $2.33. The stock has a dividend yield of 11.6 percent.
Analysts say the company may face more intense competition from Vodafone, which this week agreed to acquire Telstra's local TelstraClear unit, giving it about 25 percent of the fixed-line market and increasing is dominance in mobile calling.
BusinessDesk.co.nz
No comments yet
PaySauce Quarterly Market Update - September 2024
October 2nd Morning Report
Rua Releases Annual Report for Year Ended 30 June 2024
SCL - Settlement of orchard sales
The Warehouse Group 2024 ASM and Director Nominations
AIR - Update on Chief Operational Integrity and Safety Officer
Comvita Limited - Annual Report 2024
September 27th Morning Report
Spark announces departure of Finance Director
FBU - Retail Entitlement Offer Opens