ANZ leads sharemarket lower
New Zealand shares edged into the red this morning, with ANZ Bank leading the way down after a share issue and ratings downgrade yesterday.
The NZX 50 Index fell 3.7 points, or 0.09 per cent, to 4,216.79 in the first 30 minutes of trade. Ten stocks fell and seven rose.
The country's largest bank was downgraded from "buy" to "neutral" by Goldman Sachs yesterday, ahead of its results announcement on Friday.
The dual-listed company also announced to the stock exchange in the afternoon that it was conducting an issue of some 14,722 ordinary shares. The bank's stock fell 3 per cent to $33.31 at the open.
Pumpkin Patch, the children's clothing chain, fell 1.4 per cent to $1.37. Westpac Banking Corp, which no longer issues a quarterly results announcement, fell 1.1 per cent to $34.50.
SkyCity Entertainment fell 0.8 per cent to $3.99. The hotel and casino operator will release its half-year results tomorrow morning.
Sky Network TV fell 0.6 per cent to $5.18.
Property for Industry led gainers. The commercial and industrial real estate investor rose 0.8 per cent to $1.24.
Ryman Healthcare, the retirement village operator, rose 0.4 per cent to $4.58. Fisher & Paykel Healthcare, manufacturer of breathing mask and respirators, rose 0.4 per cent to $2.34.
Auckland International Airport, the country's busiest gateway, rose 0.4 per cent to $2.82.
Industrial chemicals and resins manufacturer Nuplex rose 0.3 per cent to $3.42.