NZX down on OceanaGold slump

Last updated 17:52 05/12/2012

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The New Zealand sharemarket was down today following some weak signals from overseas markets and a slump in OceanaGold following news of its Canadian capital raising.

The NZX50 index fell 0.2 per cent, or 8.45 points, to 4007.24. Within the index, 18 stocks fell, 19 rose and 13 were unchanged.

One Path senior investment analyst Craig Brown said the local bourse had fairly low volumes traded. 

"It was a bit of a directionless day in some ways not withstanding weak signals from overseas markets overnight.

"There was a positive announcement from Contact on the sale of their old New Plymouth power station and it fell 0.2 per cent to $5.36," Brown said. 

"There was an upbeat AGM for Hallenstein Glassons but it was not enough to give it a positive end to the day, it was unchanged."

OceanaGold led declining stocks with a 12.2 per cent fall to $3.60 following news of its Canadian capital raising.

Rubber goods and milking equipment manufacturer Skellerup Holdings was down 2 per cent to $1.50. New Zealand Oil & Gas fell 1.7 per cent to 87c. 

Jewellery retailer Michael Hill International was down 1.6 per cent to $1.22. Mainfreight fell 1.4 per cent to $10.81. Kiwi Income Property Trust fell 0.85 per cent to $1.17. 

Xero rose 2.9 per cent to $7.20. Vector, the Auckland electricity and gas company, was up 1.9 per cent to $2.65. Australian wealth manager AMP rose 1.7 per cent to $6.05. 

Goodman Fielder, the food ingredient maker, was up 1.2 per cent to 87c. Insurer Tower rose 1.1 per cent to $1.89. Pay TV operator Sky Network Television was up 0.55 per cent to $3.67. Trade Me Group rose 0.5 per cent to $4.27.

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