NZ stocks down, bucking trend

JAZIAL CROSSLEY
Last updated 17:54 29/06/2012

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The New Zealand sharemarket was down slightly today, bucking the positive trend seen in Asia Pacific stocks as investors looked to comments from the European Summit taking place this weekend.

The NZX50 index was down 0.4 per cent or 1.5 points to 3399.83. Within the index, 18 stocks fell, 24 rose and eight were unchanged.

Mint Asset Management portfolio manager Shane Solly said there was a rally happening in most Asia Pacific stocks but New Zealand was lagging behind.

"The main contributors there was Telecom off a little bit on the day, down 0.4 per cent to $2.39, not benefiting from the increasing appetite to put money into more risky or higher growth markets. Some of the dual listed stocks have had better runs today," Solly said.

"Now people are looking at what the European leaders are saying in terms of easing lending requirements for Spain. Dutch bond yields are at 500 year lows which obviously tells you the world is very anxious."

The leading decliner was rural services company PGG Wrightson, down 6.45 per cent to 29c. Australian food ingredient company Goodman Fielder was down 2.8 per cent to 69c.

Vital Healthcare Property Trust fell 2.8 per cent to $1.21. Freightways, the express package and information management company, was down 1.55 per cent to $3.80.

Rubber goods and milking equipment manufacturer Skellerup Holdings was down 1.4 per cent to $1.42. OceanaGold was down 1.3 per cent to $2.31.

National carrier Air New Zealand was down 1.15 per cent to 86c. Jewellery retailer Michael Hill International was down 1 per cent to 98c. Fletcher Building fell 1 per cent to $5.87.

Retailer Hallenstein Glasson Holdings was down 1 per cent to $4.00. Outdoor clothing and equipment company Kathmandu Holdings was down 0.8 per cent to $1.27. Markets operator NZX Limited was down 0.7 per cent to $1.35.

Contact Energy was down 0.6 per cent to $4.82. Telecom fell 0.4 per cent to $2.39.

The leading gainer was investment holdings company Guinness Peat Group, after yesterday it was handed a $173 million fine for its subsidiary Coats allegedly taking part in a cartel. Today it was up 2.2 per cent to 46c.

Insurer Tower was up 1.9 per cent to $1.60. ANZ Banking Group was up 1.9 per cent to $28.00 and Westpac rose 1.3 per cent to $27.05. Australian wealth manager AMP was up 1 per cent to $4.86.

International trucking and logistics company Mainfreight rose 0.95 per cent to $9.59. Auckland electricity and gas company Vector rose 0.75 per cent to $2.68.

Infrastructure investment company Infratil was up 0.7 per cent to $2.03. Chorus rose 0.6 per cent to $3.14. Australian phone company Telstra rose 0.6 per cent to $3.14.

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Casino and hotels operator SkyCity Entertainment was up 0.6 per cent to $3.40. Diligent Board Member Services rose 0.5 per cent to $3.72.

Property stocks were strong. Goodman Property Trust rose 0.5 per cent to $1.00, Kiwi Income Property Trust was up 0.5 per cent to $1.05 and DNZ Property Fund rose 0.3 per cent to $1.48.

- BusinessDay.co.nz

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