Story image

FMA found nothing untoward in SkyCity share trading before casino statement

09 Apr 2015

The Financial Markets Authority says it found nothing of concern in trading of SkyCity Entertainment Group shares ahead of a government announcement that it wouldn't help fund Auckland's convention centre.

The regulator worked with the NZX to look into share trading in the week of Feb. 9-13 after receiving two complaints, including one from Winston Peters. The NZ First leader said there was a suspicious spike in the volume of SkyCity shares on Friday, Feb. 13, with 3.4 million traded. The government and SkyCity announced on the following Sunday that no more taxpayer money would be put into the convention centre project which has now gone back to the drawing board.

"All trading in SKC shares in the period in question was analysed in detail, and considered in the context of information that was in the public domain during the week in question and in the days following," the FMA said today in a statement. "Based on these inquiries by NZX and the FMA, the FMA has found no evidence to prompt an investigation into any potential breaches of securities legislation."

The regulator said SkyCity had also posted its first-half results that week and there had been similar increases in share trading around previous such releases.

SkyCity shares closed at $3.89 on Monday Feb. 16,representing a drop of just 0.5 percent from their closing price the previous Friday. The shares fell 0.7 percent to $4.11 on the NZX today.

NVIDIA announces Jetson Nano: A US$99 tiny, yet mighty AI computer 
“Jetson Nano makes AI more accessible to everyone, and is supported by the same underlying architecture and software that powers the world's supercomputers.”
Slack doubles down on enterprise key management
EKM adds an extra layer of protection so customers can share conversations, files, and data while still meeting their own risk mitigation requirements.
NVIDIA introduces a new breed of high-performance workstations
“Data science is one of the fastest growing fields of computer science and impacts every industry."
Apple says its new iMacs are "pretty freaking powerful"
The company has chosen the tagline “Pretty. Freaking powerful” as the tagline – and it’s not too hard to see why.
NZ ISPs issue open letter to social media giants to discuss censorship
Content sharing platforms have a duty of care to proactively monitor for harmful content, act expeditiously to remove content which is flagged to them as illegal.
Partnership brings AI maths tutor to NZ schools
“AMY can understand why students make a mistake, and then teach them what they need straight away so they don't get stuck."
Polycom & Plantronics rebrand to Poly, a new UC powerhouse
The name change comes after last year’s Plantronics acquisition of Polycom, a deal that was worth US $2 billion.
Unencrypted Gearbest database leaves over 1.5mil shoppers’ records exposed
Depending on the countries and information requirements, the data could give hackers access to online government portals, banking apps, and health insurance records.