NZX down as heavyweights fall
The New Zealand share market fell today with light trading ending the short week, with only four days of the market being active as Monday was a public holiday.
The market was dragged down by weakness in three heavyweight stocks.
The NZX50 index was down 0.2 per cent or 6.70 points to 3983.78. Within the index, 23 stocks fell, 17 rose and ten were unchanged.
OnePath senior investment analyst Craig Brown said the local market was mixed today.
"A couple of the bigger stocks such as Fletcher Building were slightly weaker day, down 1.25 per cent to $7.12. Contact Energy was down a bit, off 0.7 per cent to $5.45, and Telecom fell 0.2 per cent to $2.47," Brown said.
"So the big three were down which made life a bit difficult for the bourse to get into positive territory today."
Australian wealth manager AMP Limited led the declining stocks with a 4.1 per cent fall to $5.66. Nuplex, the industrial chemicals and resins maker, was down 2.9 per cent to $3.03.
New Zealand Refining fell 2.9 per cent to $2.72. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was down 1.7 per cent to $2.36.
Restaurant Brands fell 1.6 per cent to $2.42 after announcing that Pizza Hut sales were strong for the first half of this year but same store transactions at its KFC and Starbucks chains fell around 2.5 per cent.
Freightways fell 1.6 per cent to $4.40. OceanaGold was down 1.45 per cent to $4.09. Australian food ingredient maker Goodman Fielder fell 1.35 per cent to 73c. Rubber goods and milking equipment manufacturer Skellerup Holdings fell 1.15 per cent to $1.72.
Markets operator NZX Limited led the gaining stocks with a 4.1 per cent rise to $1.27. Infratil was up 3.5 per cent to $2.37. Westpac Banking Corp rose 2.7 per cent to $32.70.
Jewellery retailer Michael Hill International was up 2.6 per cent to $1.19. Accounting software company Xero was up 2 per cent to $5.60. Property For Industry rose 1.7 per cent to $1.22.
Vital Healthcare Property Trust was up 1.6 per cent to $1.28. Hallenstein Glasson Holdings, the clothing retailer, rose 1.2 per cent to $4.95.