New Zealand shares dipped slightly today, although a handful of stocks – notably NZ Refining – saw some significant gains.The benchmark NZX-50 index closed down 4.93 points at 3228.4, after edging up 3 points yesterday.Top stock Telecom was fl
New Zealand shares dipped slightly today, although a handful of stocks – notably NZ Refining – saw some significant gains.
The benchmark NZX-50 index closed down 4.93 points at 3228.4, after edging up 3 points yesterday.
Top stock Telecom was flat at $2.14, Fletcher Building lost 8c to $8.32 and Contact Energy was down a cent at $6.10.
Casino operator Sky City slid 7c to $3.31, Fisher&Paykel Appliances fell a cent to 60c, Sky TV rose a cent to $5.16 and F&P Healthcare was up 3c at $3.25.
Some money had come out of maturing bond and capital note issues, but investors were generally being cautious with their funds, Nigel Scott of Craigs Investment Partners said.
"There is certainly a little bit of money going into yielding equities. Overall, though, equities remain range-bound," he said.
Trading was characterised by small gains on moderate increases in activity.
Among stocks to gain were The Warehouse, up 5c at $3.98, Freightways, up 10c at $3.20, Ebos, up 7c at $6.47, and Steel & Tube, up 5c at $2.63.
The star performer was NZ Refining, which jumped 30c, or 7.7%, to $4.20. That was significantly higher than its five-year lows earlier this month around 330.
"NZ Refining sold off pretty aggressively on light volume all the way down, and then got a bit of an uptick on refining margins – which can change month to month – and that stock's bounced off its lows pretty aggressively," Mr Scott said.
