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NZX stays down as Telecom slips

JAZIAL CROSSLEY
Last updated 20:36 21/11/2012

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Finance and business diary Job-match website testing Kiwi waters Markets acting nervous as Fed officials convene Asian shares pinned near 5-month lows Aussie shares stage comeback Overvalued kiwi dollar 'a concern' Wall St closes lower on Fed concerns NZX falls in morning trade Sharp Air NZ share price slump under scrutiny NZX reappointed to world exchange body

The New Zealand sharemarket fell today with a drop in heavyweight Telecom.

The NZX50 index was down 0.04 per cent or 1.74 points to 3971.23. Within the index, 22 stocks fell, 19 rose and nine were unchanged.

"We've been through a patch where our market has not done much in terms of volatility again today. We've seen another good day of turnover in Air New Zealand, up 0.4 per cent to $1.24," Forsyth Barr adviser David Price said.

"On the flip side, Telecom had a bit of a rough day, down 1.7 per cent to $2.34. There were a number of reports that have sort of basically highlighted that going forward it is going to come under marginal pricing pressure."

The leading decliner was rural services company PGG Wrightson, down 3 per cent to 32c. Clothing retailer Hallenstein Glassons fell 2.3 per cent to $5.15. Pay TV operator Sky Network Television fell 1.8 per cent to $4.98.

Markets operator NZX Limited was down 1.6 per cent to $1.22. Contact Energy fell 1.6 per cent to $5.06. New Zealand Oil & Gas was down 1.2 per cent to 86c. New Zealand Refining Company fell 1.1 per cent to $2.77. Trade Me Group fell 0.9 per cent to $4.23.

Chorus was down 0.9 per cent to $3.20. Mainfreight, the international trucking and logistics company, fell 0.9 per cent to $10.70. Property for Industry, the industrial property investor, fell 0.9 per cent to $1.22. Jewellery retailer Michael Hill fell 0.8 per cent to $1.22.

Australian food ingredient maker Goodman Fielder rose 5.6 per cent to 76c. Xero was up 4.1 per cent to $6.35. Diligent Board Member Services rose 2.7 per cent to $4.60.

Carpet maker Cavalier was up 2.45 per cent to $1.67. OceanaGold was up 1.7 per cent to $4.25. Infratil rose 1.6 per cent to $2.29. Would-be bank Heartland was up 1.5 per cent to 69c. Fletcher Building rose 1.05 per cent to $7.73.

Telstra Corp rose 0.8 per cent to $5.32. Auckland electricity and gas company Vector was up 0.75 per cent to $2.67. Insurer Tower was up 0.5 per cent to $1.88.

Retirement villages developer and operator Summerset Group Holdings hit a new high of $2.04, up 3.55 per cent, after it announced it was building a new 3.8ha village at Ellerslie.

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- BusinessDay.co.nz

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