NZX50 retreats from four-year high

04:50, Oct 09 2012

The New Zealand sharemarket fell slightly today, dragged down by a fall in market heavyweight Contact Energy.

The NZX50 index was down 0.4 per cent or 15.91 points to 3907.98, having earlier hit its highest point since January 2008. Within the index, 24 stocks rose, 13 fell and 13 were unchanged.

Contact Energy, the country's biggest listed electricity company, was down 2.7 per cent to $5.27. Lake levels had risen dramatically during the past four weeks to above average seasonal levels, causing wholesale power prices to decline.

Fletcher Building was down 2.4 per cent to $7.30. OceanaGold was down 2.2 per cent to $4.06. Carpet maker Cavalier fell 1.5 per cent to $1.94.

Fisher & Paykel Appliances, the whiteware manufacturer and exporter that was recently the subject of a takeover bid by Chinese company Haier, was down 1.2 per cent to $1.23.

Rubber goods and milking equipment manufacturer Skellerup was down 1.1 per cent to $1.75. Pay TV operator Sky Network Television was down 1 per cent to $5.01.


Jewellery retailer Michael Hill International was down 0.8 per cent to $1.20. Ryman Healthcare, the retirement villages operator and developer, was down 0.7 per cent to $4.11.

Restaurant Brands, the company that operates fast food chains Pizza Hut and KFC, was up 2.15 per cent to $2.38. Diligent Board Member Services rose 1.8 per cent to $3.92.

National carrier Air New Zealand was up 1.6 per cent to $1.27. Australian food ingredient maker Goodman Fielder rose 1.5 per cent to 66c. Would-be bank Heartland rose 1.45 per cent to 70c.

Vital Healthcare Property Trust was up 1.2 per cent to $1.28 while Precinct Properties, formerly known as AMP NZ Office, rose 1 per cent to 99c. Retailer The Warehouse Group was up 1 per cent to $3.12.