NZ stocks down on weak US equities

JASON KRUPP
Last updated 18:54 22/06/2012

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The New Zealand sharemarket was down today, following the negative lead from the United States market which fell sharply overnight when several of its leading banks and investment banks were downgraded by ratings agency Moodys.

The NZX50 index was down 0.3 per cent or 10.19 points to 3399.19. Within the index, 31 stocks fell, 15 rose and four were unchanged.

BT Funds Management portfolio manager Matt Goodson said trading was light on the local bourse.

"Our market took the lead off the US and Australian markets which were weak today but true to form in recent weeks our market has tended to be significantly less volatile than global markets. Volumes after all are still pretty light key. The moves amongst our leading stocks are Telecom, up 1.4 per cent against the trend to $2.46. Its buy back has been active of late and one would assume it was active again today," Goodson said.

"Sky City was down 2 per cent on very light volume, to $3.40. New Zealand Oil and Gas has been very strong of late despite strong declines in oil prices. It was down 2.5 per cent to 77c. Investors appeared cautious, volumes were very light outside of telecom and it's a very quiet market."

The leading decliner was industrial chemicals and resins maker Nuplex, down 3.8 per cent to $2.52. Carpet maker Cavalier slipped 3.7 per cent to $1.56. Outdoor clothing and equipment manufacturer Kathmandu Holdings was down 3.45 per cent to $1.40.

Jewellery retailer Michael Hill fell 2.9 per cent to $1.00. Childrens clothing chain Pumpkin Patch was down 2.2 per cent to 89c while adult clothing retailer Hallenstein Glassons fell 1 per cent to $4.05. Rubber goods and milking equipment manufacturer Skellerup Holdings was down 2.1 per cent to $1.40.

Trade Me fell 1.9 per cent to $3.67. Port of Tauranga dropped 1.8 per cent to $10.90.

National carrier Air New Zealand was up 1.7 per cent to 88c. Express package and information management company Freightways was up 1.35 per cent to $3.75. Auckland electricity and gas supplier Vector fell 1.15 per cent to $2.65.

Fisher & Paykel Appliances, the whiteware manufacturer and exporter, was up 0.95 per cent to 53. Vital healthcare Property Trust rose 0.8 per cent to $1.26. Infrastructure investment company Infratil rose 0.8 per cent to $2.00 .

Argosy Property Trust rose 0.6 per cent to 88c. Ebos Group was up 0.5 per cent to $7.55. Breathing masks and respirators maker Fisher & Paykel Healthcare rose 0.5 per cent to $1.93. Chorus was up 0.3 per cent to $3.02.

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- © Fairfax NZ News

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