NZ sharemarket ends week in red
The New Zealand sharemarket closed the week in the red with subdued trading on the main bourse despite significant volumes through a couple of stocks.
The NZX50 index fell 0.25 per cent or 9.70 points to 3809.57 today. Within the index, 25 stocks fell, 16 rose and nine were unchanged.
One Path New Zealand senior investment analyst Craig Brown said the New Zealand market had significant volumes traded in a number of stocks today.
"There was a reasonably healthy volume traded through Telecom which was up marginally after going ex-dividend in the last couple of days," Brown said. The stock rose 0.2 per cent to $2.34.
Commercial property investor AMP NZ Office was up 1 per cent to 99c after announcing it was spending $90 million to buy the Westfield shopping centre at downtown Auckland adjacent to the 21 Queen St office tower it already owned.
Kathmandu, the outdoor clothing and equipment company, led the decliners with a 6.3 per cent fall to $1.64 after announcing yesterday that its sales were up 13.4 per cent to NZ$347.1m although its profit had fallen.
"There is a bit of weakness in Kathmandu following its recent result, which the market is digesting," Brown commented.
Insurer Tower fell 5 per cent to $1.71. Freightways fell 1.9 per cent and Pumpkin Patch, the childrens clothing retailer, fell 1.7 per cent to $1.15.
Auckland electricity and gas supplier Vector fell 1.4 per cent to $2.82. Trade Me Group was down 1.25 per cent to $3.94. Skellerup Holdings, the rubber goods and milking equipment manufacturer, was down 1.2 per cent to $1.67.
Diligent Board Member Services fell 1 per cent to $3.80. Ryman Healthcare, the retirement villages operator and developer, was down 1 per cent to $4.05. Mainfreight fell 0.95 per cent to $10.40. Chorus was down 0.9 per cent to $3.32.
Would-be bank Heartland led the gaining stocks with a 3.2 per cent rise to 64c. Xero rose 2.4 per cent to $5.10. Carpet maker Cavalier was up 2 per cent to $2.08.
Retailer The Warehouse Group rose 1.4 per cent to $2.97. EBOS Group was up 1.2 per cent to $8.40.
Investment holdings company Guinness Peat Group rose 0.9 per cent to 56c. GOodman Property Trust was up 0.5 per cent to $1.03. Infratil, the infrastructure investor, rose 0.5 per cent to $2.14.
Pay TV operator Sky Network Television was up 0.4 per cent to $5.10. Nuplex Industries rose 0.3 per cent to $3.18. Hallenstein Glasson Holdings was up 0.2 per cent to $4.50.
Brown said the mood of investors was subdued.
"We have got a bit of a negative lead from the US and despite the rest of Australia and Asia being a bit stronger, New Zealand hasn't been able to kick on today."