Market down on Cavalier slump
New Zealand stocks fell today, dragged down by a plummet in carpet maker Cavalier after it slashed its revised earnings guidance for the year ending June 2013 in half.
The NZX50 index was down 0.1 per cent today or 4.97 points to 3946.53. Within the index, 21 stocks fell, 18 rose and 11 were unchanged.
Craigs Investment partners adviser Greg Easton said Cavalier's projected earnings cut from $10-$12 million to $6-10m was "very significant". Around 42,000 shares in the stock were sold today.
"Not surprisingly, they have deferred reinstatement of a dividend payment and the market has not taken kindly to that," Easton said.
"At the other end of the scale there was good commentary out of Kathmandu Holdings after it gave a trading update that same store sales were up 14.3 per cent in the 15 week period to November 11."
The outdoor clothing and equipment retailer Kathmandu rose 6.9 per cent to $1.85, leading the gaining stocks.
Diligent Board Member Services continued the strong streak seen since its investor roadshow began, up 4.7 per cent to $4.26.
Australian food ingredient maker Goodman Fielder was down 4.1 per cent to 70c. Australian wealth manager AMP was down 3.2 per cent to $5.70. Air New Zealand was down 2.4 per cent to $1.21.
Casino and hotels operator SkyCity Entertainment fell 2.3 per cent to $3.78 after news reports that it knew of a plan to fast-track high rolling gamblers from China through the visa process before Immigration New Zealand did.
ANZ Banking Group was down 1.8 per cent to $30.20. Restaurant Brands, the operator behind fast food chains KFC and Pizza Hutt, fell 1.5 per cent to $2.63.
Clothing retailer Hallenstein Glassons was up 2.4 per cent to $5.12. Industrial chemicals and resins manufacturer Nuplex was up 2.1 per cent to $2.90. Kiwi Income Property Trust rose 1.3 per cent to $1.16.
Port of Tauranga rose 1.15 per cent to $13.15. Infratil rose 0.9 per cent to $2.19. Vital Healthcare Property Trust rose 0.8 per cent to $1.26. Mainfreight, the international trucking and logistics company, was up 0.8 per cent to $10.58.
New Zealand Oil & Gas rose 0.6 per cent to 88c. Trade Me Group was up 0.5 per cent to $4.22. Property For Industry rose 0.4 per cent to $1.22. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, rose 0.4 per cent to $2.46.