Stocks down despite Trade Me, Kirks rises
The New Zealand sharemarket started the week on a soft note with light trading, as a dip in heavyweight Telecom dragged the market down despite strong performances by Trade Me and Kirkcaldie & Stains.
The NZX50 index fell 0.8 per cent or 32.48 points to 3951.29. Within the index, 29 stocks fell, 15 rose and six were unchanged.
Craigs Investment Partners adviser Greg Easton said trading was fairly light. Wellington department store Kirkcaldie & Stains rose 25 per cent to a four year high of $3.25 on the news it was selling its Harbour City property investment on desirable shopping strip Lambton Quay.
"The biggest trade outside the big names was in Trade Me with 1.5m shares going through. At $4.45 [up 1.6 per cent] it hit a new high today. It has its AGM coming up but there was no company-specific news to cause this rise," Easton said.
"On the flip side, we have seen the big players such as Telecom down 3.45 per cent today [to $2.38]. Fletcher Building was drifting down with a bit more profit-taking, down 0.7 per cent to $7.07. It has fallen very strongly in the last few months."
Westpac fell 2.1 per cent to $32.00. TrustPower was down 1.95 per cent to $8.55. New Zealand Oil & Gas was down 1.7 per cent to 85c. Investment holdings company Guinness Peat Group fell 1.7 per cent to 57c.
Infratil was down 1.7 per cent to $2.33. Jewellery retailer Michael Hill International fell 1.7 per cent to $1.17. Childrens' clothing chain Pumpkin Patch was down 1.6 per cent to $1.21.
Fast food operator Restaurant Brands rose 4.1 per cent to $2.52. Precinct Properties rose 1.5 per cent to $1.04. Australian food ingredient maker Goodman Fielder rose 1.4 per cent to 74c.
Diligent Board Member Services rose 1.4 per cent to $3.70. Carpet maker Cavalier rose 1 per cent to $1.95. Pay TV operator Sky Network Television rose 0.6 per cent to $5.34.