The New Zealand sharemarket closed lower today as the only major positive piece of corporate news came from unlisted dairy co-operative Fonterra.After a small gain yesterday, the benchmark NZX-50 index finished down 14.34 points, or 0.4%, at 3291.91."
The New Zealand sharemarket closed lower today as the only major positive piece of corporate news came from unlisted dairy co-operative Fonterra.
After a small gain yesterday, the benchmark NZX-50 index finished down 14.34 points, or 0.4%, at 3291.91.
"Fonterra increasing its payout rate didn't seem to inspire," said Stephen Wright of ASB Securities, noting that New Zealand followed lacklustre markets offshore.
Fonterra upped its milk price forecast for the current season by 40c to $6.10, the second-highest payout to its farmer shareholders on record, on the back of rising global demand.
However, blue chip building supplies and construction company Fletcher Building led the way on the market with a 10c decline to $8.35.
Top stock Telecom was down a cent at $2.19, Contact Energy fell 2c to $6.22, Infratil lost a cent to $1.74 and Sky City fell 3c to $3.19.
Other stocks to decline included seafood exporter Sanford, down 6c at $4.35, Trustpower, off 5c at $7.45, and outdoor clothing retailer Kathmandu, down 10c at $2.39.
On the rise, Ebos was up 7c at $6.52, Cavalier gained 3c to $2.85, Tower rose a cent to $2.02 and Pike River Coal gained a cent to $1.15.
Across the Tasman, Australia's S&P/ASX 200 Index was little changed – down 0.01% – at 4881.1, while Japan's Nikkei share average was up 0.3%.
