The New Zealand sharemarket drifted lower in quiet trading today as investors adopted a wait and see attitude to next week's Budget.The benchmark NZX-50 index closed down 10.946 points, or 0.3%, at 3156.078. Turnover was worth $109.2 million. There were 3
The New Zealand sharemarket drifted lower in quiet trading today as investors adopted a wait and see attitude to next week's Budget.
The benchmark NZX-50 index closed down 10.946 points, or 0.3%, at 3156.078. Turnover was worth $109.2 million. There were 32 rises and 53 falls among the 114 stocks traded.
"Our market has drifted all day," Stephen Wright, of ASB Securities, said.
Yesterday's Australian federal budget, which included forecasts of strong economic growth, helped lift the Australian sharemarket.
That left investors wondering which way the New Zealand Budget will drive the market. Tax policy for the property sector is expected to be clarified.
Telecom closed unchanged at 210 but traded as low as 208 after the Commerce Commission recommended regulation of mobile termination rates.
Mr Wright said this was one of a raft of issues affecting sentiment for Telecom.
Fletcher Building eased 7c to 784, while Contact Energy rose 2c to 614.
PGG Wrightson rose 1c to 56 and NZ Farming Systems Uruguay fell 2c to 38.
Guinness Peat Group fell 3c to 82 in an ongoing negative reaction to statements at its annual meeting last week.
Westpac fell 64c to 3067 and AMP fell 5c to 735.
TrustPower eased 4c to 726, Hallenstein Glasson eased 3c to 340 and The Warehouse fell 4c to 365.
Hellaby fell 4c to 165 and Tourism Holdings fell 2c to 90. Fisher&Paykel Appliances fell 1c to 63.
Goodman Property, which reported yesterday, was unchanged at 98.
Cavalier Carpets rose 10c to 265, while other gainers were Michael Hill up 1c to 73, NZOG 1c to 150, Fisher&Paykel Healthcare 2c to 342, Auckland Airport 1c to 196 and Nuplex 1c to 331.
At a time of record gold prices, OceanaGold rose 28c to 348 and Heritage Gold rose 0.2c to 2.9.
