The New Zealand sharemarket ended a fairly quiet Monday session lower, reflecting weak markets offshore and disappointment in the earnings season so far.The benchmark NZX-50 index closed down 20.94 points, or 0.7%, at 3059.55. Turnover was worth $56.2 mil
The New Zealand sharemarket ended a fairly quiet Monday session lower, reflecting weak markets offshore and disappointment in the earnings season so far.
The benchmark NZX-50 index closed down 20.94 points, or 0.7%, at 3059.55. Turnover was worth $56.2 million. There were 24 rises and 54 falls among the 116 stocks traded.
China sent tremors through world financial markets last week by lifting reserve requirements for banks for the second time this year and investors are also worried about Greece's ability to fund its deficit.
Express parcel company Freightways fell 15c, or 4.7%, to $3.06 after reporting a fall in interim profit today while choosing its words carefully in its outlook statement.
"It is a fairly disappointing result for them and Freightways is a bit of an economic barometer for many people," said Ross Cuthbert, adviser at Craigs Investment Partners.
Freightways saw signs of improvement but not yet a sustained economic recovery.
Another big mover on the day was market operator NZX, which fell 19c, or 8.7%, to $1.99 on low volume. NZX on Friday signalled a reduction in the carrying value of a future payment of the carbon trading business it has sold.
NZX Regulation asked Sealegs to explain a fall in its share price last week and the company said there was no material information to disclose to the market. The shares were unchanged at 15c today.
SkyCity was unchanged at $3.13 ahead of its interim profit report tomorrow.
In leading shares, Telecom rose 2c to $2.32, Fletcher Building fell 8c to $7.46 and Contact fell 6c to $5.62.
Other risers included Hellaby up 6c to $1.51, Tourism Holdings 2c to 90c and Port Tauranga 15c to $7.20.
The Warehouse fell 2c to $3.78, Fisher & Paykel Appliances fell 2c to 61c, Auckland Airport 3c to $1.83 and Infratil fell 2c to $1.60.
Markets in China, Malaysia, Singapore, South Korea, Taiwan, Vietnam and Hong Kong were closed for the Chinese New Year holiday today.
IG Markets said trading in Australia was subdued after a benign session on Wall St and ahead of tonight's Presidents Day holiday in the US. Traders appeared to be waiting for further rhetoric regarding the European debt situation from a meeting tonight.
"The global reaction to tonight's developments will be key in determining risk appetite for the remainder of the week," IG Markets said.
