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NZ Sharemarket Eases In Trade Reduced By Auckland Holiday

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Feb 1 NZPA - A New Zealand sharemarket reduced by the Auckland Anniversary Day holiday ended lower today, reflecting weakness in offshore markets.

The benchmark NZX50 index closed down 13.686 points, or 0.432 percent, at 3150.968. Turnover was worth $38.31 million. There were 23 rises and 46 falls among the 105 stocks traded.

"The market is weak, pretty much in reaction to what is happening overseas," said Grant Williamson, director at Hamilton, Hindin, Greene.

Hallenstein Glasson was a standout performer, rising 10c, or 2.78 percent, to 370 after reporting strong sales and profit guidance last week.

Telecom eased 1c to 237, as customers and the market await word this week on a compensation package for the XT failure that resulted in customers south of Taupo losing the service for up to three days. Details of a review of the system are also expected to be released.

Fletcher Building eased 4c to 790 and Contact Energy was unchanged on 580.

Infratil, which released its January operating update today, eased 2c to 163.

SkyCity eased 5c to 325, SkyTV eased 10c to 470, Hellaby fell 5c to 165 and Michael Hill fell 3c to 67. Kathmandu eased 3c to 197.

NZ Refining fell 6c to 362, NZOG fell 3c to 149 and Pike River Coal was unchanged at 95. Oceanagold eased 15c to 220.

AMP fell 8c to 784, and Tower rose 2c to 200.

Port of Tauranga rose 7c to 719, Mainfreight rose 9c to 580 and Freightways rose 3c to 330.

Kiwi Income Property Trust rose 2c to 103 and Property for Industry rose 2c to 117.

The Associated Press reported from New York that US stocks ended a disappointing January with a loss on Friday as investors questioned whether the economy will be able to sustain its big fourth-quarter growth rate. Downbeat earnings at technology companies also pulled stocks down.

The Dow Jones industrial average fell 3.5 percent for the month, after finishing Friday's session down 53.13 points, or 0.52 percent, to 10,067.33.

The Standard & Poor's 500 index fell 10.66 points, or 0.98 per cent, to 1073.87, and the tech-laden Nasdaq composite lost 31.65 points, or 1.45 percent, to 2147.35.

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