NZX down on Chorus slump

JAZIAL CROSSLEY
Last updated 17:51 03/12/2012

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The New Zealand share market fell today, led downwards by a plummet in Chorus after it announced its earnings could fall $180 million for the year following two Commerce Commission rulings out today.

The NZX50 index was down 0.025 per cent today or 0.99 points to 4049.09. Within the index, 20 stocks rose, 15 fell and 15 were unchanged.

Hamilton Hindin Greene director Grant Williamson said the market was virtually flat today.

''The big news today was the announcement from the Commerce Commission which had a very negative impact on the Chorus share price which closed down 14.4 per cent to $2.91, an all time low for the stock. There is still a lot of water under bridge with this to be sorted through and it has created a lot of investor uncertainty that is likely to be ongoing for a number of months yet,'' Williamson said.

''Fonterra Shareholder's Fund on its second day on the market had another successful day although volumes were lighter. It rose 0.7 per cent to $6.90. Xero rose 11.9 per cent to $7.70, another record high for that stock. Last week they raised further capital from US investors and that has got local investors quite encouraged.''

Markets operator NZX fell 1.6 per cent to $1.22.

Rubber goods and milking equipment manufacturer Skellerup fell 1.3 per cent to $1.55.

Carpet maker Cavalier was down 1.1 per cent to $1.73.

International trucking and logistics company Mainfreight was down 0.9 per cent to $11.10.

Jewellery retailer Michael Hill International was down 0.8 per cent to $1.24.

Ryman Healthcare fell 0.7 per cent to $4.15.

Rural services company PGG Wrightson was up 2.8 per cent to 37c.

Retailer The Warehouse Group was up 2.6 per cent to $3.13.

Fisher & Paykel healthcare, the maker of breathing masks and respirators, was up 1.95 per cent to $1.61.

ANZ Banking Group was up 1.9 per cent to $31.50.

Australian wealth manager AMP rose 1.9 per cent to $5.99.

Would-be bank Heartland was up 1.4 per cent to 71c. Contact Energy rose 1.3 per cent to $5.39. 

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