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Sharemarket Ends Down, Auck Airport Progresses Capital Raising

Fuseworks Media
Fuseworks Media

Wellington, Jan 29 NZPA - The New Zealand sharemarket fell for a third consecutive day today as investors continued to be cautious ahead of the reporting season.

Auckland Airport successfully completed the institutional part of its capital raising with 99 percent of its institutional shareholders taking up entitlements and its shares will resume trading on Tuesday.

Hallenstein Glasson, which reported first-half sales were up 6.7 percent on a year ago and signalled its interim profit will be up 50 percent, rose 35c, or 10.77 percent, to 360.

The benchmark NZX50 index closed down 27.664 points, or 0.88 percent, at 3155.94. Turnover was worth $88.9 million. There were 28 rises and 53 falls among the 111 stocks traded.

Brokers have been saying all week that the market is drifting ahead of the interim profit reporting season in February.

Telecom's woes with its XT network continued today and its shares fell 3c, or 1.24 percent, to 238. The company is under pressure to pay customers compensation and said today it would say something about this next week.

Fletcher Building fell 13c to 794 on good volume and SkyCity fell 5c to 330. Contact Energy fell 5c to 580.

NZOG fell 4c to 152 after releasing a quarterly report. Charlie's rose 0.7c to 9.7c after saying it expected to post an interim profit.

NZ Farming Systems Uruguay rose 2c to 46 after expressing optimism about the milk price.

ING Property rose 2c to 77, ING Medical Property Trust rose 4c to 119 but Goodman Property Trust was unchanged at 103 and Kiwi Income Property Trust was unchanged at 101. Property for Industry fell 2c to 115.

Mainfreight rose 6c to 571 and Freightways fell 1c to 327.

Ebos eased 1c to 597 and Cavalier Carpets rose 3c to 279.

NZ Refining fell 17c to 368. SkyTV fell 7c to 480. Westpac fell 70c to 3050.

The Warehouse rose 2c to 385, TrustPower rose 5c to 730 and Tower rose 3c to 198.

US stocks dropped on Thursday as poor outlooks from Motorola and Qualcomm dented optimism in the technology sector while worries about Greece's fiscal health dragged on sentiment.

Qualcomm Inc shares tumbled 14.2 percent and Motorola Inc slid 12.4 percent after both companies' earnings and outlooks fell short of expectations.

After the closing bell, Microsoft Corp edged up 1.7 percent after reporting quarterly profit rose 60 percent, aided by solid sales of its new Windows 7 operating system.

Also after the close, Inc added 2.8 percent after the online retailer reported fourth-quarter results that blew past Wall Street's profit estimates and forecast stronger-than-expected revenue for early 2010.

The Dow Jones industrial average fell 115.70 points, or 1.13 percent, to end at 10,120.46. The Standard & Poor's 500 Index lost 12.97 points, or 1.18 percent, to 1084.53. The Nasdaq Composite Index declined 42.41 points, or 1.91 percent, to close at 2179.00.

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