(BusinessDesk) New Zealand shares fell from near a four-year high in trading that may have been reduced by holidays in China and some Australian states.
OceanaGold and Fisher & Paykel Healthcare led the decline. Fletcher Building rose back toward last month's 11-month high.
The NZX 50 Index fell 4.11 points, or 0.1%, to 3830.03. Within the index, 21 stocks fell, 17 rose and 12 were unchanged. Turnover was $75.5 million.
OceanaGold fell 3% to $3.88 as spot gold slipped from a seven-month high to trade recently at $US1765.29 an ounce from as much as $US1783.1 on Friday. F&P Healthcare fell 2.2% to $2.25 as the kiwi traded near 83 US cents and broke through 80 Australian cents, denting returns for exporters.
"The local market has entered a period of consolidation. There's a bit of a vacuum of news," says Grant Williamson, a director at Hamilton Hindin Greene. "The past reporting season was very acceptable and showed companies aren't on stretched fundamentals. Lower interest rates have got to be assisting the market."
Fletcher rose 1.3% to $7.06, or 1 cent below its recent high.
Fletcher has gained "on expectations lower interest rates are going to improve the housing market and also on the Christchurch rebuild", Mr Williamson says. Some investors were "putting on a premium" in Fletcher's stock.
Heartland, which is hoping to join the ranks of profitable banks in New Zealand, climbed 3.1% to 67 cents and was the biggest percentage gainer in the NZX 50 today.
Outside of the top 50, Widespread Portfolios jumped 12.5% to 0.9 cents and Pacific Edge gained 6.7% to 32 cents.
Telecom, the biggest company on the bourse, fell 0.6% to $2.365. Telecom's group general counsel Tristan Gilbertson announced his departure today, becoming the latest executive to leave after the demerger with Chorus.
Tower fell 0.6% to $1.80. The insurer said today it has raised house and contents insurance premiums because of a pickup in reinsurance costs.
Burger Fuel Worldwide was unchanged at $1.07 after saying it had signed a master licence agreement for Kuwait with Al Khayyat Investments. AKI already operates five BurgerFuel stores in Dubai in the United Arab Emirates and has another eight sites under construction or scheduled to open next year.
Among other stocks, Air New Zealand gained 2.2% to $1.18 and NZ Oil & Gas gained 1.2% to 84 cents.
Cavalier fell 2% to $1.96.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Chief Justice Elias and hubby Fletcher hit with wet bus ticket over stock in lake
- New Hampshire primaries: Trump, Sanders win by wide margins
- Housing NZ directors get 63% pay hike
- Dividends in focus for NZ earnings season as low interest rates underpin equity demand
- PayPal ‘on shaky ground’ as it pulls service from second Netflix unblocker popular with Kiwis
Most listened to
- Green party co-leader James Shaw and Business NZ's John Carnegie go head-to-head on the ETS review
- Cream Trading CEO Kevin O'Sullivan on why dairy companies might want to sign up to the new trading platform
- Paul Brislen on the merits of "cutting off the money" versus Netflix' technical attempts to shut-out unblockers
- Westpac's Dominick Stephens says dairy prices are still a major concern, despite El Niño fears fading
- London School of Economics Professor John Kay discusses financial regulatory shortcomings