NZ stocks up but trading light
The New Zealand share market was up today, but trading volumes were light as investors worldwide were on edge ahead of the European Summit where the possibility of closer financial unity between euro zone members will be discussed.
The NZX50 index was up 0.4 per cent or 13.56 points to 3401.34. Within the index, 29 stocks rose, 12 were down and nine unchanged.
BT Funds Management portfolio manager Matthew Goodson said it was a reasonably quiet day after markets were nervous about what was going to come out of the European Summit
"In terms of things happening in the local market, one important piece of news was Guinness Peat Group last night lost its appeal against a $173 million fine for its subsidiary Coats allegedly taking part in a cartel. That was entirely expected in all analysts numbers but there may have been some hopes the fine would be reduced," Goodson said.
It fell 1.1 per cent to 45c in response.
"Kathmandu is down 3.8 per cent to $1.28 following the significant pressure Billabong has been under in Australia in the last few days, creating nervousness in the whole retail apparel sector."
Diligent Board Member Services led the gainers with a 4.2 per cent rise to $3.70. New Zealand Refining rose 3.5 per cent to $2.37. Rural services company PGG Wrightson was up 3.3 per cent to 31c.
Freightways, the express package and information management company was up 3.2 per cent to $3.86. Fletcher Building rebounded from yesterday's losses with a 2.4 per cent rise to $5.93.
Childrens clothing chain Pumpkin Patch was up 2.25 per cent to 91c. Fisher & Paykel Appliances, the whiteware manufacturer and exporter, was up 1.9 per cent to 54c.
Contact Energy rose 1.9 per cent to $4.85. Australian food ingredient maker Goodman Fielder rose 1.4 per cent to 71c. Rubber goods and milking equipment manufacturer Skellerup Holdings rose 1.4 per cent to $1.44.
Telecom fell 1.6 per cent to $2.40. Carpet maker Cavalier was down 1.3 per cent to $1.52. Australian phone company Telstra fell 1.1 per cent to $4.67. Ryman Healthcare, the retirement villages operator and developer, was down 0.9 per cent to $3.47.
Retailer The Warehouse was down 0.8 per cent to $2.49. Vital Healthcare Property Trust fell 0.8 per cent to $1.25. Markets operator NZX Limited fell 0.7 per cent to $1.36.
Kiwi Income Property Trust fell 0.5 per cent to $1.04. Pay TV operator Sky Network Television was down 0.4 per cent to $4.85.