30 Jul 2014

Positive debut for Metro Glass

8:11 pm on 30 July 2014

New Zealand shares finished slightly weaker on Wednesday with the benchmark Top 50 Index easing 7 points to 5159.

Director of Murray & Co, Johnny Cochrane said Metro Glass' trading debut was the highlight of the market on Wednesday and it made a very positive start.

Metro Glass shares finished the day at $1.76, above its $1.70 float price.

The chief of executive of Metro Glass, Nigel Rigby, said he's proud New Zealanders own the majority of the shares.

"We're in a very good market in the medium term. We've got a heavy investment programme in capital which is great at our Christchurch plant and we're just completing a greenfields plant in Auckland which is commissioned in March next year.

"And then we've got some inestment and technology in laminates coating which is what Christchurch Cathedral was painted out of, so we have a really good balance between the capital expenditure on the plant for the future market as well as some new technology so it's very exciting for the staff of Metro."

Shares in TradeMe sank 9 cents to $3.43 while Air New Zealand shares climbed 7.5 cents to $2.00.

Air New Zealand said it expects its land values to rise by between $725 and $745 million when it finalises its accounts for 30 June.