NZ stocks down, Nuplex weak

06:31, Sep 24 2012

The New Zealand sharemarket closed just barely in the red today, tipped downwards by news that heavyweight Nuplex was implementing a major restructure that would see job losses on both sides of the Tasman.

The NZX50 index was down 0.01 per cent or 0.42 points to 3809.15. Within the index 27 stocks rose, 13 fell and ten were unchanged.

Hamilton Hindin Greene director Grant Williamson said the Nuplex news had disappointed the market.

It fell 6.6 per cent to $2.97.

''Investors were cautious on the stock, which had a very nice price improvement ever since they announced their financial result back in the middle of August. Certainly some investors are deciding to take profit,'' Williamson said.

Infratil, the infrastructure investor, was down 1.4 per cent to $2.11 on news it was considering making a bid for UK airport Stansted.

Advertisement

''The company has not done well with the other two airports they own over there, saying it was looking to liquidate those assets which are tiny in comparison with the bid it might be making for this other airport which I think has got investors concerned.''

National carrier Air New Zealand was down 2.2 per cent to $1.11. Sky Network Television, the pay TV operator, was down 1.6 per cent to $5.02.

Auckland International Airport was down 1.1 per cent to $2.62. Xero fell 0.95 per cent to $5.23.

Contact Energy was down 0.95 per cent to $5.23.

Guinness Peat Group, the investment holdings company, was down 0.9 per cent to 55c.

Chorus was down 0.6 per cent to $3.30.

Retail stocks performed well, with clothing retailer Hallenstein Glasson Holdings up 4.4 per cent to $4.70.

Jewellery retailer Michael Hill International was up 2.6 per cent to $1.20.

Pumpkin Patch rose 1.7 per cent to $1.17 and the Warehouse Group was up 1.7 per cent to $3.02.

Australian food ingredient maker Goodman Fielder was up 3.1 per cent to 66c.

Carpet maker Cavalier rose 1.9 per cent to $2.12. Would-be bank Heartland rose 1.6 per cent to 65c. Vital Healthcare Property Trust was up 1.2 per cent to $1.25. 

BusinessDay.co.nz