Market up but quiet

JAZIAL CROSSLEY
Last updated 17:45 11/06/2012

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New Zealand stocks closed narrowly in the black today, after quiet trading.

The Australian markets were shut due to a public holiday, so New Zealand investors who typically take direction from across the Tasman were on the sidelines.

The NZX50 index was up 0.1 per cent or 4.77 points to 3454.24. Within the index, 17 stocks rose and 17 fell while 16 were unchanged.

Craigs Investment Partners adviser Stuart Hardie said local investors were sitting on the fence today with light trading volumes through the market.

"The market today was pretty quiet bearing in mind that the Australian market was closed today. European markets weren't so positive, with news Spanish banks were having to be bailed out," Hardie said.

"Fletcher Building had a bit of buying today, up 2.25 per cent to $6.35."

The leading gainer was construction materials supplier Steel & Tube Holdings, up 2.8 per cent to $2.17. Carpet maker Cavalier rose 2.5 per cent to $1.62. Rubber goods and milking equipment manufacturer Skellerup Holdings rose 1.45 per cent to $1.40.

Port of Tauranga was up 0.8 per cent to $10.90. ANZ Banking Group rose 0.7 per cent to $27.90 while Westpac rose 0.4 per cent to $26.51. Mainfreight, the international trucking and logistics company, was up 0.7 per cent to $9.87.

New Zealand Oil & Gas rose 0.65 per cent to 78c. Contact Energy was up 0.6 per cent to $4.73. Ryman Healthcare, the retirement villages operator and developer, was up 0.6 per cent to $3.41.

EBOS Group was up 0.5 per cent to $7.45. Infratil, the infrastructure investment company, was up 0.5 per cent to $2.02. Kiwi Income Property Trust was up 0.5 per cent to $1.07.

The leading decliner was OceanaGold, down 4.3 per cent to $2.70. Industrial buildings investor Property for Industry was down 3.4 per cent to $1.14.

Rural services company PGG Wrightson lifted 3.2 per cent to 30c. New Zealand Refining was up 2.7 per cent to $2.53. Jewellery retailer Michael Hill International was up 1.9 per cent to $1.02.

Fisher & Paykel Appliances, the whiteware manufacturer and exporter, fell 1.8 per cent to 55c. Clothing retailer Hallenstein Glassons fell 1.7 per cent to $4.01. Markets operator NZX Limited was down 1.6 per cent to $1.25.

Restaurant Brands, the operator of fast food chains KFC and Pizza Hutt, was down 1.4 per cent to $2.11. Australian food ingredient manufacturer Goodman Fielder fell 1.3 per cent to 75c. Auckland International Airport was down 1.2 per cent to $2.47.

Vector, the Auckland electricity and gas supplier, sank 1.1 per cent to $2.63. TrustPower was down 0.65 per cent to $7.65. Breathing masks and respirators maker Fisher & Paykel Healthcare was down 0.5 per cent to $2.09.

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- BusinessDay.co.nz

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