NZX down slightly, Fonterra pricing as expected
The New Zealand sharemarket fell marginally today with the local bourse slightly weaker overall despite some strong share price gains in certain stocks.
The NZX50 index was down 0.1 per cent or 2.41 points to 4009.60. Within the index, 20 stocks rose, 18 fell and 12 were unchanged.
Hamilton Hindin Greene director Grant Williamson said it was a relatively quit day on the market with index barely changed.
"On the positive side we had Contact Energy up 2.3 per cent to $5.27, rebounding from some recent weakness. Fletcher Building was up just a cent or 0.1 per cent to $7.98, it had a relatively quiet day.
"There was not a lot of movement on overseas markets last night and not much in way of news flow either for listed stocks," Williamson said.
"The main announcement was the Fonterra price setting for trading among farmers which came in at the top end of the range at $5.50 per unit. The market will be looking forward to when they list on the market later on this week."
He said European leaders granting Greece further bailout funding did not appear to have any impact here or in Australia, but it would be interesting to see how Wall Street and European markets reacted overnight.
New Zealand Refining led the declining stocks with a 2.5 per cent fall to $2.71. Kiwi Income Property Trust fell 2.1 per cent to $1.16. OceanaGold was down 1.9 per cent to $4.17.
Nuplex, the industrial chemicals and resins maker, was down 1.4 per cent to $2.90. Retailer The Warehouse fell 1.25 per cent to $3.15. Auckland International Airport was down 1.1 per cent to $2.64. Casino and hotel operator SkyCity Entertainment fell 1.1 per cent to $3.70.
Rural services company PGG Wrightson was up 2.9 per cent to 36c, leading the gaining stocks. Steel & Tube Holdings rose 1.35 per cent to $2.26. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was up 1.2 per cent to $2.53.
Investment holdings company Guinness Peat Group rose 0.85 per cent to 59c. Jewellery retailer Michael Hill International was up 0.8 per cent to $1.23. Vector rose 0.75 per cent to $2.68.
Diligent Board Member services rose 0.6 per cent to $4.69. DNZ Property Fund was up 0.6 per cent to $1.61. New Zealand Oil & Gas rose 0.6 per cent to 87c. Outdoor clothing and equipment company Kathmandu Holdings rose 0.55 per cent to $1.84.