The New Zealand sharemarket closed in the red today, following a negative lead of offshore markets and with light trading on the local bourse.
The NZX50 index was down 0.2 per cent or 5.81 points to 3577.79. Within the index, 18 stocks fell, 20 rose and 12 were unchanged.
Forsyth Barr broker David Price said the market had a soft end to the day.
"The volumes traded still continue to be relatively small. In terms
of the rising stocks, Mainfreight was up 1.2 per cent to $9.31 after their result yesterday," Price said.
The international trucking and logistics firm reported earnings for its Europe division fell 54 per cent in the first quarter and its overall profit was down 15 per cent year-on-year.
"Skellerup had a pretty good day as did Telecom and Telecom's trading was on reasonable volumes," Price said.
Skellerup Holdings, the rubber goods and milking equipment manufacturer, was up 1.3 per cent to $1.51. Telecom was up 1.1 per cent to $2.70.
Australian phone company Telstra led the declining stocks with a 3.9 per cent fall to $4.92. Would-be bank Heartland was down 3.6 per cent to 53c.
Casino and hotels operator SkyCity Entertainment was down 1.9 per cent to $3.61. Australian food ingredient maker Goodman Fielder was down 1.6 per cent to 62c.
Fletcher Building fell 1.2 per cent to $6.40. Ryman Healthcare, the retirement villages operator and developer was down 1.1 per cent to $3.55.
OceanaGold was up 3.6 per cent to $2.87. Rural services company PGG Wrightson was up 3.2 per cent to 32c. Outdoor clothing and equipment company Kathmandu Holdings rose 1.7 per cent to $1.76.
Clothing retailer Hallenstein Glassons was up 1.2 per cent to $4.31. New Zealand Refining rose 0.85 per cent to $2.37. Vital Healthcare Property Trust rose 0.8 per cent to $1.25.
Price said the mood of investors was not looking too negative.
"We've just seen the volatility has gone out of the market quite a lot of late and we've seen that in the offshore markets as well so people are sort of at this stage where we have adopted a 'we'll muddle through' approach."
- © Fairfax NZ News