Market close: NZX 50 falls from four-year high, OGC slips with gold price

BUSINESSDESK: New Zealand shares fell, pushing the NZX 50 Index down from its highest in more than four years, as commodity prices gave up recent gains, weighing on stocks including NZ Oil & Gas and OceanaGold.

The NZX 50 fell 12.75 points, or 0.3%, to 3804.47. Within the index, 29 stocks fell, 13 rose, and eight were unchanged. Turnover was $134 million.

Equities markets, which rallied strongly in the wake of the Federal Reserve's announcement of more quantitative easing last week, fell across Asia, Wall Street and Europe, and commodities generally weakened.

The Thomson Reuters/Jefferies CRB Commodity Index fell 2% overnight.

"Investors are doing a bit of restructuring of portfolios post reporting season and are waiting on some more macro leads from overseas," says James Smalley, client adviser at Hamilton Hindin Greene.

OceanaGold, the operator of the Macraes gold field, fell 1.8% to $3.75 as spot gold fell from a seven-month high to $US1754.85 an ounce. NZ Oil and Gas fell 4.2% to 80.

Fletcher Building, the nation's biggest construction company, shed 0.9% to $6.88. Telecom, New Zealand's largest listed company, dropped 0.6% to $2.485.

Trade Me, the online auction site that joined the NZX 20 last week, fell 0.5% to $4.03.

The gainers were led by Cavalier, New Zealand's only listed carpet marker, up 4.9% to $1.94. Chorus, New Zealand's largest fixed line telecommunications network operator, rose 1.1% to $3.54.

Contact Energy, the country's biggest listed electricity generator, gained about 1% to $5.09.

Port of Tauranga, the nation's biggest export terminal, rose 0.8% to a record close of $12.97. The stock has gained 27% this year.

Michael Hill International, New Zealand's only listed jewellery maker, rose 2.6% to $1.19.

"It is a solid stock and it isn't overvalued," Mr Smalley says. "There have also been encouraging signs about them getting into the North American market."

Guinness Peat Group, the investment company winding up its portfolio, rose 0.9% to 55 cents.

Fisher & Paykel Appliances fell 0.4% to $1.185, or 1.5 cents below the Haier's offer for the 80% of the company it doesn't already own. F&P Healthcare fell 0.9% to $2.14.