NZX quiet ahead of Fletcher AGM

JAZIAL CROSSLEY
Last updated 17:44 19/11/2012

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The New Zealand sharemarket had a quiet start to the week with light volumes traded, closing in the red.

The NZX50 index was down 0.1 per cent or 5.23 points to 3942.60. Within the index, 15 stocks fell, 19 rose and 16 were unchanged.

One Path senior investment analyst Craig Brown said the local market was quiet today.

"Investors are possibly waiting for the Fletcher Building AGM tomorrow which will be a highlight of the week. It was trading down 0.9 per cent to $7.38," Brown said.

"Diligent Board Member Services continues to rally after strong numbers last week to a new high, up 2.8 per cent to $4.38." 

Rural services company PGG Wrightson led declining stocks with a 3 per cent fall to 32c. Vector was down 1.85 per cent to $2.66. Freightways fell 1.6 per cent to $4.27. 

Would-be bank Heartland was down 1.5 per cent to 67c. ANZ Banking Group fell 0.8 per cent to $29.95. Casino and hotels operator SkyCity Entertainment Group was down 0.8 per cent to $3.75. 

Ryman Healthcare fell 0.5 per cent to $4.11. Precinct Properties fell 0.5 per cent to $1.02. Port of Tauranga was down 0.4 per cent to $13.10. 

The leading gainer was carpet maker Cavalier, up 5.2 per cent to $1.63. Last week at its annual meeting it cut guidance for the full year to June 2013 from between $10 million and $12m to between $6m and $10m. 

"It had that really poor AGM update where it was heavily sold so whether investors think it was oversold, it appears to be recovering from that poor performance last week albeit on small numbers," Brown said.

Xero rose 2.4 per cent to $5.99. Air New Zealand, the national carrier, was up 2.1 per cent to $1.23. Steel & Tube Holdings rose 1.9 per cent to $2.19. Industrial chemicals and resins maker Nuplex rose 1.7 per cent to $2.95. 

Infratil was up 1.6 per cent to $2.23. Australian food ingredient maker Goodman Fielder was up 1.4 per cent to 71c. Mainfreight, the international trucking and logistics company, rose 1.1 per cent to $10.70. Clothing and outdoor equipment retailer Kathmandu Holdings was up 1.1 per cent to $1.87.

Children's clothing chain Pumpkin Patch rose 0.8 per cent to $1.24. Jewellery retailer Michael Hill International was up 0.8 per cent to $1.24. Markets operator NZX Limited rose 0.8 per cent to $1.24.

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