NZ stocks up but trading weak

JAZIAL CROSSLEY
Last updated 18:29 09/11/2012

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The New Zealand sharemarket ended the week on a positive note although trading was light, with markets focused on the US fiscal cliff.

The NZX50 index rose 0.06 per cent or 2.66 points to 3957.91. Within the index, 22 stocks rose, 16 fell and 12 were unchanged.

Craigs Investment Partners adviser Greg Easton said trading was somewhat disappointing.

"I thought the US election would take away a layer of uncertain but now everyone's attention has been diverted to the US fiscal cliff so uncertainty prevails," Easton said.

"Volumes were really low and there were no really big movements of any note although Infratil put out the Wellington Airport result and made an announcement about the value of its Europe airport investments."

Infratil fell 0.5 per cent to $2.18 after announcing it recognised an impairment charge of $43.9m for the carrying value of the airports and continued to seek a buyer for them.

The leading gainer was Australian wealth manager AMP, up 3.15 per cent to $5.89. OceanaGold was up 2.8 per cent to $4.42. TrustPower rose 1.55 per cent to $8.53.

Telecom was up 1.3 per cent to $2.41. Fisher & Paykel Healthcare, the maker of breathing masks and respirators, was up 1.25 per cent to $2.43.

Restaurant Brands, the operator of fast food chains KFC and Pizza Hutt, was up 1.1 per cent to $2.68.

SkyCity Entertainment, the casino and hotel operator, rose 1 per cent to $3.91. Investment holdings company Guinness Peat Group was up 0.85 per cent to 59c.

Rural services company PGG Wrightson led declining stocks with a 2.9 per cent fall to 33c. Fletcher Building was down 1.4 per cent to $7.24.

Mainfreight, the international trucking and logistics company, was down 1.3 per cent to $10.46.

Carpet maker Cavalier was down 1.1 per cent to $1.85. Goodman Property Trust fell 0.9 per cent to $1.06.

ANZ Banking Group fell 0.8 per cent to $31.90. Auckland International Airport was down 0.75 per cent to $2.66.

Auckland electricity and gas supplier Vector was down 0.7 per cent to $2.77. New Zealand Refining fell 0.7 per cent to $2.82.

Kathmandu Holdings, the outdoor clothing and equipment company, was down 0.6 per cent to $1.70. Insurer Tower fell 0.5 per cent to $1.92.

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- BusinessDay.co.nz

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