The New Zealand sharemarket ended the week little changed, with retailer Hallenstein Glasson retreating further, despite reporting a profit surge yesterday.The benchmark NZX-50 index closed up 2.928 points, or 0.1%, at 3240.477. Turnover was worth $99.96
The New Zealand sharemarket ended the week little changed, with retailer Hallenstein Glasson retreating further, despite reporting a profit surge yesterday.
The benchmark NZX-50 index closed up 2.928 points, or 0.1%, at 3240.477. Turnover was worth $99.96 million. There were 31 rises and 43 falls among the 112 stocks traded.
Hallenstein Glasson closed down 6c at $3.34, on top of a 5c fall yesterday, which came after the company reported its first half profit up 56%.
"It is tiny volume. They had a forecast at the end of January so there was nothing to keep people going on it," said Stephen Wright at ASB Securities.
He said the market was quiet. Offshore markets had not provided any great impetus and the NZ dollar had weakened then recovered to be little changed. International investors are currently focused on arrangements to support for debt-laden Greece.
Among the leaders Fletcher Building was up 6c at $8.41 and Contact Energy was up 11c at $6.23 but Telecom was down 2c at $2.12.
Xero fell 2c to $1.58 after saying it was entering the schools market. New Zealand Windfarms rose 3c to 33c after reaching agreement with an objector to allow an extension of its windfarm.
Renaissance Corp rose 1c to 20c after saying trading for the first two months was positive and it was in compliance with its bank covenants.
Other stocks to rise included Guinness Peat Group up 1c to 87c, Nuplex 3c to $3.48, Property For Industry 3c to $1.20, SkyTV 8c to $5.25, Mainfreight 5c to $6.06 and Rakon 4c to 99c.
Losing ground were SkyCity 3c to $3.26, Cavalier Carpets, 10c to $2.80, Ebos 7c to $6.43, Pike River Coal 1c to 89c, NZX 3c to $1.91 and NZ Refining 3c to $4.00.
