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NZ sharemarket opens flat, quickly falls

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Aug 4 NZPA - The New Zealand sharemarket gains failed to hold, opening flat and easing in early trading after weaker global data mildly disappointed investors in overseas markets.

The benchmark NZX-50 index opened up 0.053 points, or 0.002 percent, at 3050.438, but by about 10.30am, the index was at 3048.845 with the majority of stocks in the decline.

Telecom failed to maintain yesterday's gains, falling 1c to 201 following Communications Minister Steven Joyce's agreement to regulate mobile termination rates.

Kathmandu Holdings dropped 20c to 185 after reporting a 13.9 percent sales increase in the year to June.

The company said the retail environment in the final four months has been very challenging, resulting in an increase in advertising in the second half of the year. The expense was one of three affecting a 5 to 7 percent drop in forecast earnings before interest and tax for the year.

Hellaby Holdings dropped 1c to 186, Port of Tauranga fell 5c to 680, Goodman Property dropped 1c to 92, New Zealand Oil & Gas fell 1c to 123, and Freightways dropped 1c to 282.

Fisher & Paykel Healthcare went down 3c to 300 and Ebos Group fell 9c to 641.

Declining stocks totalled 14 on the top-50 this morning.

Among the few winners, Contact Energy went up 4c to 570, Auckland Airport firmed 1c to 200, as did New Zealand Refining to 309.

AMP NZ Office Trust rose 1c to 71 after announcing a 2.5 percent rise in full year profit yesterday.

In the United States, stocks slipped as Dow component Procter & Gamble Co's lacklustre results, coupled with weaker-than-estimated data on consumer spending and housing prompted investors to exercise caution a day after the market's 2 percent rally.

The Dow Jones industrial average dropped 38.00 points, or 0.36 percent, to 10,636.38. The Standard & Poor's 500 index shed 5.40 points, or 0.48 percent to 1120.46. The Nasdaq Composite Index lost 11.84 points or 0.52 percent, to 2283.52.

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