New Zealand stocks declined very slightly today on flat trading.
The NZX 50 Index fell 0.295 points, or 0.008 per cent, to 3,809.02.
Withing the index, 20 stocks fell, 19 rose and 11 remained unchanged.
Goldman Sachs institutional broker Peter Sigley said the market had staggered up in the afernoon after a fairly flat day with signs of a slight flight to safer, high yield stocks as European debt worries continued to weigh on investors’ minds.
Goodman Fielder, the Australian food ingredient maker, led the decliners, falling 6 per cent to 62c.
The Warehouse Group fell 3.3 per cent to $2.92, while jeweller Michael Hill, Mainfreight, Sky City and the Port of Tauranga posted small drops.
Leading the gainers was Fisher and Paykel Healthcare, which rose 2.76 per cent to close at $2.23.
Pumpkin Patch, the children’s clothing chain, closed unchanged at $1.18 after it posted results towards the top of expectations.
‘‘The market was looking at it to pay down debts, which is what happened,’’ said Sigley.
Pumpkin Patch posted at full year net loss of $27.5 million. With restructuring costs stripped out the firm returned a profit of $10.4m, above guidance.
Gains in Contact Energy, Telecom and SKY Network Television Ltd hinted at a ‘‘little flight to safety’’ of higher yield stocks, maybe reflecting European woes, particularly in Spain, said Sigley.
School holidays in Australia may have contributed to relatively light trading, he said.
- © Fairfax NZ News