NZ stocks mixed on light volume

File photo / NZ Herald

Investors look to next month's earnings season and regional markets mull this week's Federal Reserve meeting

New Zealand shares were mixed yesterday as investors cast forward to next month's earnings season, and as regional markets mulled this week's Federal Reserve meeting. Xero led the gainers.

The NZX 50 Index fell 5.36 points, or 0.1 per cent, to 4848.44. Within the Index 32 stocks fell, 13 rose and five were unchanged. Total turnover for the day was $86.7 million.

Markets across Asia were mixed as investors weighed up the possibility of the Fed further reducing its asset purchase programme and as Australia returned from a long weekend.

Australia's S&P/ASX 200 slid 1 per cent in afternoon trading, while Japan's Nikkei 225 Index rose 0.3 per cent, and Hong Kong's Hang Seng Index gained 0.2 per cent.

Light trading in the New Zealand market reflected the global uncertainty ahead of central bank meetings locally and in the US this week, and as investors wait for corporate earnings season to start in February.

"The market is on hold for earnings season," said David Price, a broker at Forsyth Barr.

"It's thin volume because of earnings season coming up ... and what's happening in the US with tapering. Markets offshore have been fairly jittery, but New Zealand should be fairly insulated against that."

NZX 50's biggest gainer yesterday was Wellington-based cloud accounting software company Xero. Its shares rose 3.6 per cent to $41.45.

Outside the Index other tech stocks also returned to growth.

NZAX-listed GeoOp climbed 15 per cent to $2.30, while security software maker Wynyard Group advanced 6.8 per cent to $2.83.

Telecom gained 1.3 per cent to $2.395. Contact Energy increased 1 per cent to $5.10 and retirement village operator Ryman Healthcare rose 1 per cent to $8.05.

OceanaGold was the biggest decliner, dropping 7.1 per cent to $2.09. Sky Network Television fell 1.2 per cent to $5.82. Fletcher Building, New Zealand's biggest listed company, dropped 1 per cent to $8.77. Auckland International Airport slipped 0.3 per cent to $3.65.

Fisher & Paykel Healthcare slid 0.3 per cent to $4.06, and casino operator SkyCity Entertainment Group fell the same amount to $3.84.

Retailers were largely down with Brisbane-based jewellery chain Michael Hill International declining 4.9 per cent to $1.37. Outdoor clothing retailer Kathmandu Holdings slid 1 per cent to $3.12 and New Zealand's largest listed retailer Warehouse Group slipped 0.6 per cent to $3.52. Apparel chain Hallenstein Glasson rose 0.3 per cent to $3.31.