NZ sharemarket slips

JAZIAL CROSSLEY
Last updated 17:50 01/11/2012

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The New Zealand sharemarket fell as investors digested commentary from annual general meetings that revealed growth was not as rapid as most had hoped.

The NZX50 index fell 0.5 per cent or 20.39 points to 3937.48. Within the index, 25 stocks fell, 11 rose and 14 were unchanged.

Forsyth Barr broker David Price said the local bourse did not have a particularly good day.  

"To put it in context, the month of October saw the market up 3 per cent in the main bourse, some of [the] sub indexes were even stronger. We are having a little bit of fallout from some AGMs.

"Results that came out in June with no guidance, now at AGMs what we're seeing is some softening, or certainly not the rate of increase people have been forecasting."

Australian food ingredient maker Goodman Fielder led the declining stocks with a 6.6 per cent fall to 71c. Rubber goods and milking equipment manufacturer Skellerup fell 3.6 per cent to $1.61. National carrier Air New Zealand was down 3.2 per cent to $1.20.

Trade Me Group fell 3 per cent to $4.18. Children's clothing chain Pumpkin Patch was down 2.4 per cent to $1.22. Industrial chemicals and resinsmaker Nuplex fell 2.3 per cent to $2.95.

Outdoor clothing and equipment manufacturer Kathmandu Holdings was down 2.2 per cent to $1.76. Carpet maker Cavalier fell 2.1 per cent to $1.85. Contact Energy was down 1.8 per cent to $5.44.

Rural services company PGG Wrightson led the gainers with a 2.9 per cent rise to 35c. New Zealand Oil & Gas was up 2.9 per cent to 89c. Auckland electricity and gas supplier Vector was up 1.1 per cent to $2.75. EBOS Group rose 1 per cent to $8.28.

ANZ Banking Group rose 0.9 per cent to $32.40. Clothing retailer Hallenstein Glassons was up 0.6 per cent to $5.00. Argosy Property rose 0.55 per cent to 92c.

Freightways rose 0.5 per cent to $4.30. Diligent Board Member Services was up 0.3 per cent to $3.81. Telecom rose 0.2 per cent to $2.41.

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- BusinessDay.co.nz

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