Markets up despite Goodman Fielder slide

JAZIAL CROSSLEY
Last updated 18:17 23/07/2012

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The New Zealand sharemarket rose today, bucking the trend in overseas markets, despite a plummet in Australian dual listed Goodman Fielder.

The NZX50 index was up 0.04 per cent or 1.65 points to 3465.36. Within the index, 17 stocks were up, 19 fell and 14 were unchanged.

‘‘The New Zealand market bucked the trend of weakness on the foreign markets today. We have closed virtually unchanged, I think in particular led up by Telecom — up 1.2 per cent with good support, which is not surprising being a utility contact. Energy is holding its own as well,’’ Hamilton Hindin Greene director Grant Williamson said.

‘‘Goodman Fielder gave a trading update this morning. They’re obviously still showing signs of very difficult trading.’’

The maker of bread, margarine and other edibles issued a statement to the NZX today saying it was looking to book a $142m non-cash impairment to its baking division and Home Ingredients NZ business. Its shares plummeted 6.15 per cent to 61c in response.

The leading gainer was rural services company PGG Wrightson, up 3.2 per cent to 32c. Express package and information management company Freightways rose 1.8 per cent to $3.88.

Diligent Board Member Services was up 1.8 per cent to $3.97c. OceanaGold rose 1.7 per cent to $2.35. National carrier Air New Zealand rose 1.7 per cent to 91c.

Auckland International Airport shares rose 1.2 per cent to $2.45. TrustPower rose 1.1 per cent to $7.50. International jewellery retailer Michael Hill was up 1 per cent to $1.00. New Zealand Refining rose 0.9 per cent to $2.27.

Investment holdings company Guinness Peat Group was down 2 per cent to 49c. Australian wealth manager AMP was down 1.8 per cent to $4.99. Trade Me Group fell 1.6 per cent to $3.61.

Retailer The Warehouse was down 1.5 per cent to $2.61. Insurer Tower fell 1.2 per cent to $1.67. ANZ Banking Group was down 1.1 per cent to $29.60 while Westpac fell 0.9 per cent to $29.40. Nuplex was down 0.8 per cent to $2.57. Infratil fell 0.7 per cent to $2.05.

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- BusinessDay.co.nz

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