Positive finish for week's trading
The New Zealand sharemarket closed the week’s trading on a positive note, with some profit taking.
The NZX50 index closed up 0.1 per cent or 4.45 points to 3979.17.
Most property stocks were in the red with DNZ Property Fund falling 1.2 per cent to $1.50 and Goodman Property Trust down 1 per cent to $1.00. Kiwi Income Property Trust fell 0.4 per cent to $1.14. Vital Healthcare Property Trust was down 0.8 per cent to $1.22. Precinct Properties fell one per cent to 98c. Craigs Investment Partners head dealer Bryon Burke said the star performer today was Ryman, up strongly rising 3.5 per cent to $4.39, enough to push the index in to positive territory. There was mixed trading in the midcaps but Fonterra, which is not in the index, hit a new all time high up 0.9 per cent to $7.07. Local investors are quite surprised by its current valuation.
‘‘There are certainly two opposing forces at the moment. There is still the wall of money coming off fixed interest given low interest rate environment and the market has performed so well this year that there is a bit of profit taking in our market.’’
Auckland International Airport rose 1.9 per cent to $2.67. Diligent Board Member Services rose 2.2 per cent to $4.70. Rural services company PGG Wrightson was up 2.7 per cent to 38 cents. Vector rose 1.9 per cent to $2.67. Insurer Tower was up 1.7 per cent to $1.83.
Australian food ingredient company Goodman Fielder fell 4.9 per cent to 77c. The New Zealand Refining Company was down 4.7 per cent to $2.42. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was down 1.6 per cent to $2.45.
Chorus fell 1.5 per cent to $2.70. Freightways was down 1.2 per cent to $4.23. Childrens clothing chain Pumpkin Patch fell 1.45 per cent to $1.36. New Zealand Oil & Gas was down 2.3 per cent to 85c. Infratil fell 0.9 per cent to $2.24.