The New Zealand sharemarket headed lower today after stocks tumbled in the US at the end of last week and Australian mining shares took a hit from government proposals for a 40% super profits tax.Home fragrance company Ecoya debuted on the market but the
The New Zealand sharemarket headed lower today after stocks tumbled in the US at the end of last week and Australian mining shares took a hit from government proposals for a 40% super profits tax.
Home fragrance company Ecoya debuted on the market but the news was bleak from the once-hyped Genesis Research and Rural Portfolio Capital.
The benchmark NZX-50 index closed down 5.774 points, or 0.2%, at 3280.353. Turnover was worth $75.43 million. There were 21 rises and 66 falls among the 119 stocks traded.
"Our market is quite resilient today considering what's been happening offshore, with Australia losing ground on the new taxation proposal," said Grant Williamson, director at Hamilton, Hindin, Greene.
Ecoya debuted at its issue price of $1 and traded as low as 95c before closing at 99c. Volume was light.
Among the leaders Fletcher Building fell 3c to 838, Telecom was unchanged at 217 and Contact Energy rose 3c to 628.
Air New Zealand eased 2c to 134 after saying it will seek approval for an alliance on the Tasman with Virgin Blue. The code-sharing deal had been signalled last week.
Pike River Coal fell 3.7c to 106. The shares no longer qualify for rights in its right issue and the rights traded today at17.2c.
OceanaGold fell 13c to 330 even though the company said drilling had identified further gold deposits at its Frasers Underground mine.
Rural stocks were depressed by news that trading was halted in Rural Portfolio Capital preference shares after two enforcements events in its trust deed.
PGG Wrightson was unchanged at 53, Pyne Gould Corp fell 1c to 46 and New Zealand Farming Systems Uruguay fell 1c to 40.
Genesis Research fell 2c to 4 after the company suspended its New Zealand operations.
APN News fell 5c to 305. Sanford fell 3c to 427, TrustPower fell 7c to 733, SkyTV fell 3c to 500.
NZ Refining fell 8c to 367. Tenon rose 7c to 99 and Comvita rose 35c to 275.
