NZ stocks up but PGC plummets

JAZIAL CROSSLEY
Last updated 18:05 05/07/2012

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The New Zealand sharemarket was up slightly today in a quiet day of light trading volumes. Pyne Gould Corporation plummeted after a leaked email brought to light surprising information.

The NZX50 index rose 0.03 per cent or 1.08 points to 3484.20. Within the index, 20 stocks rose, 18 fell and 12 were unchanged.

Hamilton Hindin Greene director Grant Williamson said the New Zealand market was going through a consolidation after rising all of this week.

"There were no real definite leads from offshore markets overnight, really the local market was lacking any significant news today. The main news was out of Pyne Gould Corporation regarding a leaked email that meant the company had to come out and deny some things regarding a primary listing in Australia and potential sale in Perpetual. That has seen its share price come off 3.45 per cent to 28c," Williamson said.

"That also dragged Heartland down. Pyne Gould originally floated off Heartland which still has a reasonable holding." It was down 3.9 per cent to 49c.

The leading gainer was outdoor clothing and equipment company Kathmandu Holdings, up 4.3 per cent to $1.46. Markets operator NZX Limited rose 2.2 per cent to $1.37. Pay TV operator Sky Network Television was up 2.1 per cent to $4.93.

Argosy Property Trust rose 1.7 per cent to 89c while Kiwi Income Property Trust rose 0.9 per cent to $1.08 and DNZ Property Fund was up 0.7 per cent to $1.47. Children's clothing chain Pumpkin Patch rose 1.15 per cent to 88c.

Industrial chemicals and resins maker Nuplex rose 0.8 per cent to $2.62. Auckland electricity and gas supplier Vector was up 0.75 per cent to $2.70.

OceanaGold was down 2.3 per cent to $2.53. Guinness Peat Group fell 2.15 per cent to 46c. Property for Industry sank 1.7 per cent to $1.17. Insurer Tower fell 1.2 per cent to $1.60.

Australian wealth manager AMP was down 1.2 per cent to $4.96. Port of Tauranga fell 1.1 per cent to $11.25. New Zealand Refining fell 0.85 per cent to $2.33. Vital Healthcare Property Trust was down 0.8 per cent to $1.22.

Freightways, the express package and information management company, was down 0.8 per cent to $3.89. Fletcher Building fell 0.6 per cent to $6.22. Carpet maker Cavalier was down 0.6 per cent to $1.55

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- BusinessDay.co.nz

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