Market close: Shares fall – Fletcher slides, NZ Refining sinks

BUSINESSDESK: New Zealand shares fell to their lowest close since early March, as Fletcher Building continued its slide and NZ Refining fell to the lowest in almost a seven-year low amid plans to spend up on expanding production.

The NZX 50 Index fell 19.80 points, or 0.6%, to 3381.32. Within the index, 21 stocks fell, 19 rose, and 10 were unchanged. Turnover was $97.4 million.

Fletcher, the nation’s biggest construction company, fell 1.7% to $5.88, the lowest since January.

Progress rebuilding Christchurch, which is seen as a lynchpin of the local economy in the next couple of years, has ground slow as insurers, claimants and government officials bicker.

NZ Refining, which operates the nation’s only oil refinery, fell 3.2% to $2.40.

In April, shareholders voted for a $365 million expansion of petrol making facilities at the Marsden Pt refinery. The vote was 64.5% in favour and 35.5% against the spending plans.

Ecoya, the scented candle and skin-care products maker, rose 0.8% to $1.26.

The company said today that directors Collette Dinnigan, Craig Schweighoffer and Deeta Colvin had resigned as a result of a decision to clip the size of the board as part of an internal review.

Infratil, the investment infrastructure firm, was unchanged at $2 after defending its Snapper unit against Auckland Transport’s claims it will miss the deadline to integrate its contactless card with the city’s public transport network.

APN News & Media, publisher of the NZ Herald, fell 8.8% to 83 on the NZX as mass restructuring in the Australian publishing market weighs on the sector.

Glass Earth Gold, the miner whose shares trade on the NZAX and Canada’s TSX Venture Exchange, fell 7% to 26 cents after completing a $C2.36 million private placement of shares that will be used to buy out its joint venture partner in Otago.

The company sold 11.8 million units, consisting of one share and one warrant, at 20 Canadian cents apiece.

The warrants allow the holder to buy one ordinary share at 35 Canadian cents over a 24-month period from date of issue.

NZX, the stock market operator, rose 0.7% to $1.35.

The exchange will get a boost with the sell-down of state-owned enterprises into listed shares and from units in Fonterra’s shareholders’ fund, which will be established to enable Trading Among Farmers.

PGG Wrightson, the nation’s biggest rural services company, rose 6.9% to 31 cents.