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BUSINESSDESK: New Zealand shares fell as doubts about the pace of global growth dented investors’ appetite for equities. Michael Hill International and Hallenstein Glasson Holdings led a decline in retailers.
The NZX 50 Index declined 25.3 points, or 0.7 percent, to 3449.395. Within the index, 35 stocks fell, 10 rose and five were unchanged. Turnover was $124.6 million.
Signs of weakening in Chinese manufacturing have stoked concerns that demand for exports from New Zealand and Australia may wane. Japan’s Nikkei 225 Index was down 1.1 percent in early afternoon trading.
Michael Hill, the jewellery chain, fell 2.9 percent to $1.02 and Hallenstein, the clothing retailer, fell 2.5 percent to $3.86. Children’s clothing company Pumpkin Patch dropped 2 percent to 98 cents.
Briscoe Group fell 1.3 percent to $1.51 while Warehouse Group, the biggest retailer on the NZX 50, rose 0.4 percent to $2.74.
"The sector is still remaining under pressure," said Rickey Ward, domestic equities manager at Tyndall Investment Management.
Guinness Peat Group, the investment company, fell 2.9 percent to 50 cents.
Chorus, the network company spun off from Telecom last November, rose 2.1 percent to $3.47. Telecom fell 0.6 percent to $2.37.
Chorus’s gain was “result of people chasing yield but it is on low volumes," Ward said.
Scott Technology climbed 5.6 percent to $1.71 after reporting that first-half profit jumped 33 percent on strong demand for its mining equipment and consumables and despite a slump in its traditional markets. Net profit rose to $2.1 million in the six months ended Feb. 29 from $1.6 million in the year-earlier six months with sales rising 35 percent to $29.4 million.
PGG Wrightson, the nation’s biggest rural services company, rose 2.6 percent to 39 cents. Ebos Group, the medical supplies company that has diversified into pet products, 1.8 percent to $7.35.
Sky City Entertainment Group gained 1.3 percent to $3.84 and Auckland International Airport declined 1 percent to $2.42.
New Zealand refining fell 2.8 percent to $2.83.
BusinessDesk
Fri, 23 Mar 2012
Fri, 23 Mar 2012
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MARKET CLOSE: NZ shares fall; Michael Hill, retailers drop
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