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.

Google 'will do better' after G Suite passwords exposed since 2005
Fourteen years is a long time for sensitive information like usernames and passwords to be sitting ducks, unencrypted and at risk of theft and corruption.
Commission warns Spark for misleading in-contract customers
The warning follows an investigation into representations Spark made on its website and in emails in August and September 2018.
Qualtrics aims to help organisations master experience management
Experience Basecamp helps users master XM products, including CustomerXM, EmployeeXM and Research Core.
Cloud innovation driving NZ IT services market, says IDC
Managed services makes up the largest portion of total IT services revenue. However, the project-oriented market achieved the highest YoY growth.
Kiwi software company aims to improve global customer experience
Plexure has developed an intelligent technology platform that powers mobile marketing.
Hands-on review: Playing the long game with the The iPhone XR
The red XR is a rare case of having a phone that’s ‘too pretty to be covered’ - and it’s not hard to see why.
What the future of fibre looks like in NZ
The Commerce Commission has released its emerging views paper on the rules, requirements and processes which will underpin the new regulatory regime for New Zealand’s fibre networks.
Gen Z confidence in the economy is on the decline
Businesses need to work hard to improve their reputations.