Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


MARKET CLOSE: NZ shares fall with Wall St; Fletcher drops

MARKET CLOSE: NZ shares fall after Wall St slide; Fletcher, Telecom drop

Feb. 5 (BusinessDesk) – New Zealand shares fell following a selloff on Wall Street and as investors pondered whether the looming earnings season will show results that warrant high stock prices. Telecom and Fletcher Building led the slide.

The NZX 50 Index fell 34.455 points, or 0.8 percent to 4211.946. The index reached a five-year high of 4252.65 on Jan. 31. Within the index, 25 stocks fell, 13 rose and 12 were unchanged.

Telecom fell 2.9 percent to $2.355 and Fletcher Building, the biggest company on the benchmark index, dropped 2.4 percent to $8.97. Contact Energy, the biggest power company on the exchange, fell 1.1 percent to $5.20. The Standard & Poor’s 500 Index dropped 1.2 percent yesterday.

“The catalyst has been those weak overseas markets,” said James Smalley, a client adviser at Hamilton Hindin Greene. “The fact we’re coming into reporting season creates a bit of uncertainty whether they will post results that justify those high share prices.”

PGG Wrightson, the rural services company that led gainers in the previous session, fell 2.2 percent to 44 cents. Ryman Healthcare declined 1.5 percent to $4.61.

Michael Hill International, the jewellery chain, led some retailers lower, falling 1.6 percent to $1.22. Kathmandu, the outdoor equipment retailer, fell 1.3 percent to $2.27.

Fonterra Shareholders’ Fund extended its gains, rising 0.6 percent to $7.22 ahead of the next GlobalDairyTrade auction. It posted a note on the auction website on Feb. 1 assuring customers that none of the dairy products on offer were “produced during periods in which minute traces of DCD were detected in some dairy products.”

AMP, the Australian wealth manager, led gaining stocks, rising 1.5 percent to A$6.60. SkyCity Entertainment Group rose 1.3 percent to $3.97 and Trade Me Group, the auction website, rose 0.5 percent to $4.22

Nuplex Industries rose 0.6 percent to $3.34 and fellow manufacturer Skellerup gained 1.2 percent to $1.67.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news