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NZ sharemarket flat early

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Aug 16 NZPA - DNZ Property Fund listed on the NZX main board today at 99c, slightly up on the 97c a share offer price set by a bookbuild process.

Welcoming DNZ, NZX chief executive Mark Weldon said the listing of a company of DNZ's nature and scale was significant for New Zealand markets and investors.

"It is a New Zealand infrastructure company that will enable New Zealanders to gain access to a well diversified property portfolio on the NZX Main Board," Mr Weldon said.

DNZ owned one of this country's largest diversified investment property portfolios in the commercial, industrial and retail sectors.

Pyne Gould Corp shares were up 2c to 43 early after the company lifted its full year net profit forecast about 5 percent to $22 million.

The market as a whole was flat in early trading to start the week, with the benchmark NZX-50 index up 1.7 points to 3016.83 around 10.10am, having gained 8.2 points on Friday.

Contact Energy fell 2c early to 578 and Restaurant Brands was down 2c to 249, while Cavalier Corp gained 3c to 262.

In the United States, stocks slumped toward the close on Friday (local time) as economic data gave little reason to reverse a string of sell-offs. In a thinly traded session, indexes posted their fourth day of losses.

US retail sales rebounded last month, as did the overall July consumer price index, but the data was consistent with an economy that has slowed in recent months.

The Dow Jones industrial average dropped 0.2 percent to 10,303.15, the Standard & Poor's 500 Index dropped 0.4 percent to 1079.25, and the Nasdaq Composite Index dropped 0.8 percent to 2173.48.

For the week, the Dow fell 3.3 percent, while the S&P slid 3.8 percent and the Nasdaq lost 5 percent.

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