NZX down on Trade Me stake sale

The New Zealand share market started the week in the red after Fairfax announced it would be selling its 51 per cent stake in Trade Me.

The NZX50 index fell 0.3 per cent or 12.68 points to 3966.48. Within the index, 21 stocks fell, 20 rose and nine were unchanged.

‘‘The big news of the day to a certain degree was Fairfax selling the remainder of its holding in Trade Me which could possibly have led to the downturn in our market because in circumstances like that institutions might need to raise funds for placement so sell other stocks,’’ Hamilton Hindin Greene client advisor James Smalley said.

‘‘Heartland, up 3 per cent to 69c, had very good volumes through after being awarded its banking license with about 2.1 million in volumes through. They would normally do between 100,000 and 300,000 shares so it was very heavy volume for the stock.’’

The leading decliner was OceanaGold, down 3.6 per cent to $3.50. New Zealand Refining fell 2.9 per cent to $2.35.

Carpet maker Cavalier fell 1.8 per cent to $1.64. Bank Westpac fell 1.8 per cent to $32.20. Auckland International Airport was down 1.5 per cent to $2.63. Fletcher Building fell 1.45 per cent to $8.14. New Zealand Oil and Gas was down 1.2 per cent to 84c.

Clothing retailer Hallenstein Glassons fell 0.8 per cent to $5.12. National carrier Air New Zealand was down 0.75 per cent to $1.32. Childrens clothing chain Pumpkin Patch fell 0.7 per cent to $1.35.

Telecom was down 0.7 per cent to $2.16. Pay TV operator Sky Network Television was down 0.6 per cent to $4.80. Australian food ingredient maker Goodman Fielder was up 7.8 per cent to 83c.

Diligent Board Member Services was up 3.6 per cent to $4.87. Several property stocks rose, with Property For Industry up 1.65 per cent to $1.23. Vital healthcare Property Trust rose 1.6 per cent to $1.24.

Argosy Property was up 0.5 per cent to 95c. Precinct Properties was up 0.5 per cent to 99c. Port of Tauranga was up 1.6 per cent to $13.25.

Retailer The Warehouse rose 1.4 per cent to $2.98. Rubber goods and milking equipment manufacturer Skellerup was up 1.3 per cent to $1.55. Markets operator NZX Limited rose 0.8 per cent to $1.21.