NZX down on Todd family Sky transaction

WILLIAM MACE
Last updated 17:44 02/11/2012

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The New Zealand sharemarket fell today, led by a fall in py TV operator Sky Network Television. It took a slide after the Todd family sold its 11.1 per cent stake for $218 million.

The NZX50 index was down 0.5 per cent or 19.72 points to 3912.15. Within the index, 23 stocks fell, 12 rose and 15 were unchanged.

Hamilton Hindin Greene director Grant Williamson said the local bourse fell after rising briefly yesterday following several straight days of declines.

"I believe the market is just going through a healthy correction following a good run in previous weeks and months. It is not unexpected there will be some profit taking after such a good run," Williamson said.

"The stand out was Sky TV, down 5 per cent to $5.09 on the Todd family sale at $5.05 a share. A number of investors are thinking if the Todds are hopping out it is probably good enough for us to get out as well."

Infratil, which co-owns Wellington airport with the local council, was down 2 per cent after the Commerce Commission labelled its earnings "excessive".

Australian wealth manager AMP fell 2.6 per cent to $5.55. Contact Energy was down 2.4 per cent to $5.30. ANZ Banking Group fell 2 per cent to $31.75.

Auckland International Airport was down 1.5 per cent to $2.64. Rubber goods and milking equipment manufacturer Skellerup was down 1.25 per cent to $1.58. Retirement villages operator and developer Ryman Healthcare fell 1.2 per cent to $3.99.

Industrial chemicals and resins maker Nuplex was down 1 per cent to $2.90. Precinct Properties fell 1 per cent to $1.03. TrustPower was down 0.9 per cent to $8.36.

Carpet maker Cavalier rose 6.6 per cent to $1.94. Would-be bank Heartland was up 1.5 per cent to 69c. Australian food ingredient maker Goodman Fielder rose 1.4 per cent to 72c.

Xero was up 0.9 per cent to $5.50. Fletcher Building rose 0.7 per cent to $6.98. Retailer The Warehouse Group was up 0.6 per cent to $3.13.

Clothing retailer Hallenstein Glassons rose 0.6 per cent to $5.03. Tower rose 0.5 per cent to $1.94 after announcing the sale of its medical insurance unit for $102m. Telecom was up 0.4 per cent to $2.41.

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- BusinessDay.co.nz

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