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

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news