F&P dominated market dips

The New Zealand sharemarket fell slightly today as investors' continued to weigh up their confidence in a market dominated by Fisher & Paykel Appliances.

The company's 20 per cent Chinese shareholder Haier recently offered $1.20 a share to takeover the company and the stock was being traded at high volumes today.

"It's been a bit quieter today but with Fisher & Paykel Appliances still very much in focus with their second heaviest volume through - $10 million trades," said Craigs Investment Partners adviser Greg Easton.

"On the downside Tower's down today after an announcement it's doing a strategic review of sorts and looking at ways to deliver value to shareholders.

"It's intersting to see it down on that though, I thought it might be a bit more positive."

The NZX fell 0.01 per cent, or 3 points to 3786.04

Within the index 22 stocks fell, 17 stocks rose and 11 were unchanged.

National airline Air New Zealand led the gainers up 2.26 per cent to $1.13 followed by Fisher & Paykel Appliances which rose 1.29 per cent to $1.18 on volume of over 10 million trades.

Clothing company Kathmandu Holdings was up 1.14 per cent to $1.78. Retailer Warehouse Group rose 1.05 per cent to $2.90. Software company Xero was up 1.02 per cent to $4.93.

Ryman Healthcare rose 1 per cent to $4.05.

Oceana Gold Corp led the decliners with a 3.43 per cent drop to $3.38. Insurance company Tower was down 2.7 per cent to $1.80.

PGG Wrightson fell 2.63 per cent to 37 cents. Restaurant Brands was down 2.22 per cent to $2.20.

Financial services company AMP fell 2.1 per cent to $5.60. Clothing retailer was down 1.68 per cent to $1.17.

BusinessDay.co.nz