NZX down on weaker Warehouse

Last updated 17:55 11/12/2012

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The New Zealand sharemarket fell today as retailer The Warehouse dropped, following yesterday's announcement it had bought appliance retail chain Noel Leeming for $65 million. 

The NZX50 index was down 0.1 per cent or 4.59 points to 4026.18. Within the index, 23 stocks fell, 13 rose and 14 were unchanged.

The Warehouse led declining stocks, falling 2.6 per cent to $3.02. Some analysts such as Forsyth Barr advised clients to sell down the stock as the consumer electronics market Noel Leeming operated in was competitive.

OceanaGold was down 2.3 per cent to $3.46. Trade Me Group fell 2.1 per cent to $4.12. Carpet maker Cavalier was down 1.8 per cent to $1.67. Markets operator NZX Limited fell 1.6 per cent to $1.21. 

Insurer Tower was down 1.6 per cent to $1.85. Australian phone company Telstra fell 1.45 per cent to $5.42. International trucking and logistics company Mainfreight was down 1.4 per cent to $10.70. Casino and hotel operator SkyCity Entertainment fell 1.4 per cent to $3.62.

Outdoor clothing and equipment retailer Kathmandu Holdings was up 4.8 per cent to $1.95. Australian food ingredient maker Goodman Fielder was up 3.7 per cent to 85c. Children's clothing chain Pumpkin Patch was up 3.1 per cent to $1.34. 

Rural services company PGG Wrightson was down 2.8 per cent to 37c. National carrier Air New Zealand was up 1.5 per cent to $1.37. Fletcher Building rose 1.4 per cent to $8.45. 

New Zealand Oil & Gas rose 1.15 per cent to 88c. New Zealand Refining was up 0.8 per cent to $2.62. Pay TV network Sky Network Television was up 0.6 per cent to $4.86.

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