Shares continue slide to end week

JAZIAL CROSSLEY
Last updated 18:37 06/07/2012

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The New Zealand share market was down today, ending the week in the red as investors showed caution after the European Central Bank, People's Bank of China and the Bank of England all reduced interest rates overnight.

The NZX50 was down 0.15 per cent or 5.49 points to 3478.70. Within the index, 16 stocks fell, 18 rose and 16 were unchanged.

BT Funds Management portfolio manager Matt Goodson said trading was quiet on the New Zealand bourse.

"Probably the highlight was a crossing of 40 million shares in PGG Wrightson and a substantial notice the seller was George Kerr's Torchlight Securities which also sold 7.5m shares in Heartland. George Kerr clearly has some fundraising going on," Goodson said.

Pyne Gould Corporation that Kerr has a controlling stake in is under investigation by the Financial Markets Authority. PGG Wrightson rose 3.3 per cent to 31c and would-be bank Heartland was up 4.1 per cent to 51c.

"The other key highlight today was Summerset was up after it delivered an update on trading showing they've had very good unit sales and resales over the six months to the end of June. Clearly the New Zealand housing market is one of the few in Western world performing well at the moment."

Shares in retirement villages company Summerset were up 5.5 per cent to $1.72.

Outdoor clothing and equipment company Kathmandu Holdings was up 2.7 per cent to $1.50. Property For Industry, the industrial property investor, rose 1.3 per cent to $1.19.

Insurer Tower was up 1.25 per cent to $1.62. Childrens clothing chain Pumpkin Patch rose 1.1 per cent to 89c. Retirement villages operator and developer Ryman Healthcare rose 0.9 per cent to $3.53.

New Zealand Refining was up 0.9 per cent to $2.35. Auckland International Airport was up 0.8 per cent to $2.44. Vital Healthcare rose 0.8 per cent to $1.23.

Carpet maker Cavalier led the declining stocks with a 3.9 per cent fall to $1.49. Retailer The Warehouse fell 2.3 per cent to $2.52. Fisher & Paykel Healthcare, the breathing masks and respirators maker, was down 1.95 per cent to $2.01.

OceanaGold was down 1.6 per cent to $2.49. Nuplex, the industrial chemicals and resins makers, was down 1.5 per cent to $2.58.

Markets operator NZX Limited was down 1.5 per cent to $1.35. Casino and hotels operator SkyCity Entertainment was down 1.4 per cent to $3.47.

Telecom fell 1.4 per cent to $2.46. Australian food ingredient maker Goodman Fielder fell 1.35 per cent to 73c while Australian wealth manager AMP was down 1.2 per cent to $4.90.

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- BusinessDay.co.nz

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