NZ stocks down on weak global sentiment

JAZIAL CROSSLEY
Last updated 17:49 10/10/2012

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The New Zealand sharemarket fell today as the International Monetary Fund's downgrading of its global outlook sent negativity through worldwide markets and German chancellor Angela Merkel's visit to Greece was greeted with protest.

The NZX50 index was down 0.5 per cent or 19.84 points to 3888.14. Within the index, 27 stocks fell, 11 rose and 12 were unchanged.

Australian company Arrium sold its 50.3 per cent shareholding in listed Lower Hutt steel distributor Steel & Tube, which fell 8.3 per cent to $2.22 in response.

Tyndall Investment Partners equities manager James Lindsay said that with the Steel & Tube placement there was a continuation of funding with selling across other stocks across the index.

"Later in the afternoon that pressure seemed to come off a bit. Skellerup went ex-dividend which is why that was down 3.4 per cent to $1.69."

Restaurant Brands was down 2.1 per cent to $2.33. Auckland electricity and gas supplier Vector was down 2.1 per cent to $2.83. Carpet maker Cavalier fell 2.1 per cent to $1.90.

Fletcher Building was down 1.9 per cent to $7.16 while TrustPower fell 1.9 per cent to $8.18. Clothing retailer Hallenstein Glassons fell 1.8 per cent to $4.90. New Zealand Refining was down 1.75 per cent to $2.80.

Jewellery retailer Michael Hill International fell 1.7 per cent to $1.18. Telecom fell 1.5 per cent to $2.33. Chorus was down 1.2 per cent to $3.32. Mainfreight fell 1 per cent to $10.55.

Contact Energy led the gainers with a 1.7 per cent rise to $5.36. Australian food ingredient maker Goodman Fielder was up 1.5 per cent to 67c. Children's clothing chain Pumpkin Patch was up 0.8 per cent to $1.21.

New Zealand Oil & Gas rose 0.6 per cent to 85c. Outdoor clothing and equipment company Kathmandu Holdings rose 0.55 per cent to $1.84. Freightways was up 0.5 per cent to $4.40.

Kiwi Income Property Trust rose 0.4 per cent to $1.15. Fisher & Paykel appliances, the whiteware manufacturer and exporter, was up 0.4 per cent to $1.23. Auckland International Airport rose 0.4 per cent to $2.63. Australian wealth manager AMP was up 0.4 per cent to $5.57.

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- BusinessDay.co.nz

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