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NZ sharemarket down as Warehouse asked to explain

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Oct 5 NZPA - The New Zealand sharemarket slipped in opening trading this morning, as The Warehouse was asked to explain yesterday's star performance.

The benchmark NZX-50 index, which finished yesterday up at 3228.92, was down 5.714 points, to 3223.203 at 10.15am today.

Retailer The Warehouse this morning told the NZX it continued to comply with listing rules and was not aware of what may have contributed to yesterday's gains. It had been placed in a trading halt to explain yesterday's standout performance, where 167,222 shares were traded and a 14c gain took it to 397.

On opening its shares were down 4c to 393.

Telecom was the most heavily traded and dropped 1c to 204 before recovering the loss.

Sky City was down 2c to 290, Fletcher Building shed 3c to 815 and Kiwi Income Property Trust lost 1c to 103.

Goodman Property Trust was down 1c to 97 and Auckland Airport slipped 1c to 206.

Improving stocks included AMP, up 5c to 680, Fisher & Paykel Appliances, gaining 1c to 58, and Sanford, up 7c to 407

In the US stocks fell in light trading on Monday as investors took profits on recent gains, using middling economic data and worries about euro zone debt as a catalyst for shedding long positions.

The Dow Jones industrial average fell 78.41 points, or 0.72 percent, at 10,751.27. The Standard & Poor's 500 Index lost 9.21 points, or 0.80 percent, at 1137.03. The Nasdaq Composite Index dropped 26.23 points, or 1.11 percent, at 2344.52.

European shares fell for a sixth straight session, as a decline in US factory orders more than offset rising home sales, adding to investors' worries about the strength of the economic recovery.

The pan-European FTSEurofirst 300 index fell 0.6 percent to 1,051.05 points, its lowest close since Aug. 31. The index has lost 2.5 percent over the last six trading sessions, its longest losing streak since January 2009.

Japan's Nikkei fell 0.3 percent in choppy trade, taking its cues from the currency markets ahead of a Bank of Japan policy decision the next day with the market expecting further easing, albeit a minor move. The Nikkei eased 23.17 points to 9381.06.

Australian stocks rose one percent, pulled higher by broad-based and sizable gains in miners, banks and retailers, although volumes were less than half the daily average as three states held a public holiday. The S&P ASX 200 index was up 46 points at 4,625.3.

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