Shares of Air NZ Increase by 4%
Yesterday, the shares of Air New Zealand were noted to have increased by 4%. The national airline and flag carrier made an announcement that its share buyback scheme has been decided to be extended for yet another year.
The report revealed that the shares of the company surged by 5.5c closing at $1.51.
During its yearly meetings, the company declared that a buyout of almost $45 million or 3% of its shares was being planned by it over the coming year, depending upon which amount was less.
The Government has scheduled the sale of the firm this year.
It was a year back when a share buy- back programme was started by the airline. It had said that it had no such belief that the underlying value of shares of the company was fairly reflected by the share price.
Forsyth Barr's head of private wealth research, Rob Mercer, affirmed that it could not only be the announcement regarding purchase of shares that took the stock's price up. Rather, investors could have been responsible by being on the sidelines before the sell-down of the airline.
"Although great customer service is paramount in our industry, in the end it cannot trump high costs. A low cost base preserves profits", said new chief executive Christopher Luxon.
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