Shares quiet ahead of reporting season

RICHARD MEADOWS
Last updated 10:48 11/02/2013

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New Zealand shares were mixed in modest trade this morning, as investors wait for company reporting season to kick off later this week.

The NZX50 was almost unchanged in the first 30 minutes of trade, up 0.12 points or 0.003 per cent to 4225.84. Nine stocks rose, 10 fell, and 31 were unchanged.

The New Zealand dollar recently traded at US83.67c, up from US83.53c at 8am this morning and US83.46c at 5pm on Friday.

After a strong close to trading on the NZX last week, investors were cautiously awaiting company results to start filtering through, beginning with SkyCity on Wednesday.

Summerset Group led gainers on the local bourse, up 2 per cent to $2.62. The retirement village operator is one of several companies expected to potentially post double-digit growth figures.

Jeweller Michael Hill International rose 1.7 per cent to $1.23.

AMP, the Australian wealth manager, rose 1.1 per cent to $6.50.
Vector led decliners. The Auckland electricity and gas supplier fell 0.7 per cent to $2.88.

Telecom, the country's largest phone company, fell 0.4 per cent to $2.34.

Infrastructure investment firm Infratil fell 0.4 per cent to $2.40. Steel & Tube Holdings fell 0.4 per cent to $2.53.

Port of Tauranga, New Zealand's biggest export hub, fell 0.4 per cent to $13.70.

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- BusinessDay.co.nz

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