Stocks slide on retail data, Wall Street
The New Zealand sharemarket extended its run into the red in morning trade, with soft leads from Wall Street and weaker-than-expected retail trade figures weighing on investor sentiment.
Cavalier led decliners while Diligent Board Member Services rallied despite a softer start to the day.
The NZX 50 Index fell 17.02 points, or 0.42 per cent, to 3953.53 as of noon. Almost 14 million shares changed hands in the first two hours of trade, worth a higher than usual $55.6m in turnover.
Across the Tasman, S&P/ASX 200 Index rose 0.08 per cent to 4383.30 at the open.
Cavalier, the listed carpet maker, fell 5.6 per cent to $1.70 on what appeared to be investor aversion to consumer facing stocks in the wake of significantly weaker retail sales figures.
According to Statistics New Zealand, consumer spending fell 0.8 per cent in the second quarter compared with the three months ending June. That followed a 1.1 per cent rise in the second quarter.
Goodman Property Trust, the real estate investor, fell 2.4 per cent to $1.04 after the firm yesterday announced it would be expanding its portfolio of non-income generating land.
Skellerup Holdings, the rubber goods and industrial equipment maker, fell 1.9 per cent to $1.59.
Kiwi Income Property Trust, the real estate investor, fell 0.9 per cent to $1.17 after its profits jumped $25.1 million to $26.6m in the six months to September 30 but warned it remains cautious about the outlook.
Warehouse, the country's biggest listed retailer, fell 0.3 per cent to $3.19.
Westpac, the Australian lender, fell 0.3 per cent to $31.70.
The bank today revealed its New Zealand chief executive, Peter Clare, received an 11 per cent hike to his pay package, taking it to $3.8m.
Diligent, the governance software maker, rose 4.8 per cent in morning trade, after a presentation to analysts suggested the firm was set to growth its profit margins further.
PGG Wrightson, the rural services provider, rose 3 per cent to 34c. The stock is rated as "buy" according to a Reuters poll of five analysts.
Mainfreight, the global trucking and logistics company, rose 1 per cent to $10.50, with the stock shaking off the 4.6 per cent drop in interim profits reported yesterday.
Moa, the boutique beer brewer which debuted on the NZX yesterday, rose 3.1 per cent to $1.33.