NZ shares fall as investors worry about MidEast
The sharemarket eased today as tensions in the Middle East, weak economic data and profit-taking took their toll on equities.
The New Zealand sharemarket eased today as tensions in the Middle East, weak economic data and profit-taking took their toll on equity markets.
A move by the Reserve Bank to cut the official cash rate cut by 50 basis points to 2.5% in response to last month's Christchurch earthquake was largely anticipated. The New Zealand dollar dipped then recovered somewhat.
The benchmark NZX-50 index closed down 8.19 points, or 0.2%, at 3406.24. Turnover was worth $140 million. There were 34 rises and 39 falls among the 110 stocks traded.
"Regional markets are getting hammered despite the flat lead from the US. Participants are concerned about the tensions in the Middle East escalating, as well as the weaker-than-expected trade balance figures out of China," Ben Potter at IG Markets said. "There's a massive exodus of funds from the cyclical sectors; it looks like money is flowing to perceived safe havens."
Mainfreight's stellar rise this week after announcing a deal to buy Netherlands-based transport and logistics firm Wim Bosman Group came to an end and it closed down 22c at 888. Telecom closed down 4c at 204 and Contact Energy closed down 2c at 599.
Abano Healthcare fell 6c to 454 on a day NZX said the company will leave the NZX-50, while Methven rose 8c to 173 on news it will be added to the index. Pumpkin Patch fell 5c to 131, Nuplex fell 8c to 315 and Vector fell 3c to 240. SkyCity eased 3c to 339 and OceanaGold fell 5c to 365. NZX rose 10c to 210 and volume was high.
Pyne Gould Corp rose a cent to 30. PGG Wrightson rose a cent to 53 on a day the company said it has no idea what Zuellig Group was planning after expressing interest in media interviews in investing.
Fletcher Building rose 8c to 886 and Cavalier Carpets rose 1c to 326. Xero rose 9c to 261 and Scott Technology rose 4c to 132. NZOG rose 3c to 94 and NZ Refining was unchanged at 500 after releasing an operating update.
NZPA
Thu, 10 Mar 2011
Thu, 10 Mar 2011
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NZ shares fall as investors worry about MidEast
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