The New Zealand sharemarket closed in the red today with quiet trading after a busy July, as investors prepared for the upcoming reporting season.
The NZX50 index was down 0.4 per cent, or 14.36 points, to 3530.64. Within the index, 29 stocks fell, 13 rose and eight were unchanged.
BT Funds Management portfolio manager Matthew Goodson said it was a quiet market after relatively heavy month-end trading yesterday.
"The key moves are Guinness Peat Group giving up 2 per cent to 50c at the moment on extremely light volume and no particular news.
"Telecom has had a very strong run of late and very heavy trading again today, sustaining its recent share price increase at $2.66," Goodson said.
"Markets are still very quiet ahead of reporting season which will be a mixed bag. The economy, while not as difficult as many other countries, is not particularly strong.
"There has been a massive rally seen in bond yields around the world and in New Zealand there has been a massive search for yield of property stocks and defensives such as Vector," he said.
Vector rose 0.7 per cent to $2.80.
Among financial stocks, would-be bank Heartland fell 3.6 per cent to 53c, and Westpac was down 1.6 per cent to $29.82.
Markets operator NZX was down 1.7 per cent to $1.15.
Xero fell 1.7 per cent to $5.25.
Mine operator OceanaGold fell 2.3 per cent to $2.59. New Zealand Refining fell 1.3 per cent to $2.30.
Carpet maker Cavalier fell 1.8 per cent to $1.60.
Casino and hotel operator SkyCity Entertainment Group was down 1.1 per cent to $3.52.
Children's clothing chain Pumpkin Patch fell 1.1 per cent to 90c.
Breathing masks and respirators maker Fisher & Paykel was down 1.05 per cent to $1.89.
Australian food ingredients maker Goodman Fielder rose 1.6 per cent to 65c, leading the gaining stocks.
Discount retailer The Warehouse rose 1.5 per cent to $2.64.
Insurer Tower rose 1.2 per cent to $1.72. Australian phone company Telstra was up 1.2 per cent to $5.25.
Whiteware manufacturer and exporter Fisher & Paykel Appliances was up 0.9 per cent to 57c.
Vital Healthcare Property Trust rose 0.8 per cent to $1.24. Argosy Property Trust rose 0.6 per cent to 88c.
New Zealand Oil and Gas rose 0.6 per cent to 82c.
Clothing retailer Hallenstein Glasson Holdings rose 0.5 per cent to $4.15.
Infratil rose 0.5 per cent to $4.16. Auckland International Airport was up 0.4 per cent to $2.50.
- © Fairfax NZ News