NZX50 down, some stocks have record rises
The New Zealand share market ended the week in the red today after profit taking on a couple of big blue chip stocks and some marketwide uncertainty as US Fiscal Cliff talks were delayed until after Christmas.
However, there were several strong stocks including Abano, Ryman and Mainfreight.
The NZX50 index was down 0.5 per cent or 20.71 points to 4054.74. Within the index, 24 stocks fell, 20 rose and six were unchanged.
Hamilton Hindin Greene director Grant Williamson said that although the market had a strong start in the morning, there was a reversal in the afternoon.
"There are a few concerns as we head in to New Year about what is happening in America with the fiscal cliff. Investors are deciding, near the end of the calendar year, to take a few profits," Williamson said.
"Fletcher Building gave up a good chunk of ground on profit taking, down 2.4 per cent to $8.25. Also on the downside, Telecom was off 2.6 per cent to $2.26 but that was in comparison to some of the other blue chips doing quite well. There was a very impressive bounce back by Chorus, up 2.8 per cent to $2.92."
Australian food ingredient maker Goodman Fielder fell 3.8 per cent to 76c. Rubber goods and milking equipment manufacturer Skellerup was down 3.2 per cent to $1.53. New Zealand Refining fell 2.8 per cent to $2.43.
Rural services company PGG Wrightson was down 2.4 per cent to 40c. Carpet maker Cavalier fell 1.8 per cent to $1.62. Port of Tauranga was down 1.8 per cent to $13.25.Markets operator NZX Limited fell 1.65 per cent to $1.19.
Abano Healthcare shot up 4.1 per cent to $6.30 after announcing its interim earnings rose 160 per cent . Its net profit rose to $1.5 million in the six months to November from $600,000.
Diligent Board Member Services rose 3 per cent to $5.46. Nuplex Industries, the industrial chemicals and resins maker, rose 2.2 per cent to $3.19. Investment holdings company Guinness Peat Group was up 1.7 per cent to 60c.
Restaurant Brands, the operator of KFC and Pizza Hutt, was up 1.5 per cent to $2.76. Xero rose 1.3 per cent to $7.70. Auckland International Airport was up 1.3 per cent to $2.73. Steel & Tube Holdings rose 1.3 per cent to $2.73. Property For Industry was up 1.2 per cent to $1.23. Westpac Banking rose 1 per cent to $32.98.
Williamson said a couple of stocks hit record highs today. Mainfreight, the international trucking and logistics company, rose 0.9 per cent to $11.86.
"Ryman closed at a record level of $4.43. There were some good positive signs as we head in to Christmas and the New Year."