Cautious investors pushed New Zealand shares into the red yesterday following large falls overseas.
The NZSX-50 index closed down 1.2 per cent, or 47.37 points, at 4067.30 on turnover totalling $150 million. The index was 173 points above its year low struck in August.
"Obviously a pretty strong
lead from offshore markets being sharply negative, the Dow Jones closing below the support level of 13,000, so we'll be watching that tonight," said Suzanne Kinnaird of Forsyth Barr.
"People are treading a little bit cautiously at the moment, and they're waiting to see that [rebound] before they start bargain hunting."
Auckland International Airport shares fell 4 per cent, or 12c, to $2.86 after the company downgraded its profit forecast.
"They provided an update of trading which was a bit weaker than was expected," Kinnaird said.
The takeover target also said its four-month surplus was 1.5 per cent behind last year, and that chief executive Don Huse is stepping down at the next annual meeting.
The company said after the market closed that all candidates - including Infratil's Lloyd Morrison - were elected to the board.
Top stock Telecom was down just 0.5 per cent, or 2c, at $4.26, while second-ranked Fletcher Building fell 1.8 per cent to $11.55.
Contact Energy rose 2c to $8.93, after it confirmed on Monday it would develop a 20MW geothermal generation in Taupo.
Sky City was down a cent at $5.34, Sky TV fell a cent to $5.69, Fisher & Paykel Healthcare lost 8c to $3.21, and F&P Appliances fell 3c to $3.62.
Rakon fell a further 24c to a nine-month low of $4.26, after losing 65c on Monday.
Among dual-listed stocks, ANZ was down a dollar at $32.20, Westpac fell 80c to $32.20, andAMP fell 27c to $11.70.
- NZPA
