KEY POINTS:
The New Zealand share market was down again today as unpleasant surprises kept on coming in market announcements.
The benchmark NZSX-50 index closed down 4.079 points, or 0.156 per cent, at 2616.926. The market fell even as the Australian and Japanese markets rose but it did manage to
close off lows.
Turnover was worth $94.68 million. There were 28 rises and 52 falls among the 108 shares traded.
Resin maker Nuplex fell 35c, or 19 per cent, to 150 after revealing it was in talks with bankers about easing a debt cover ratio covenant it breached at December 31.
"Any stock that has a fair degree of debt on its balance sheet is coming under investor's close eye," said Grant Williamson, director at Hamilton, Hindin, Greene.
Nuplex had been under pressure since releasing a profit downgrade on February 2.
Fisher & Paykel Appliances, which has been severely sold this week after saying it needed new equity, was down another 2c to 62.
PGG Wrightson fell another 16c to 82 ahead of its result next Thursday. It too has debt issues and related company NZ Farming Systems Uruguay fell 2c to 56 after reporting a loss and saying it needed new capital.
"The market is treating any company with a lot of debt very harshly," said Mr Williamson.
Pike River Coal fell 3c to 90 after disclosing to investors today that there had been a rock fall in the ventilation shaft of its mine.
AMP reported a strong profit in New Zealand where it has a big business selling life insurance. AMP rose 55c to 645, reflecting trading in Australia.
Auckland Airport, which reported a 79 per cent cut to half year profit care of property revaluations, fell 2c to 189.
Vector rose 5c to 231 as customers in Newmarket complained about a power cut, which affected Vector itself.
Mainfreight rose 6c to 366 even though its profit revealed it is being affected by slowing economies.
Telecom rose 2c to 250 as it argued its 3G mobile network was better than rival Vodafone's.
Michael Hill eased 1c to 51 after it released a mixed profit report.
US stock indices see-sawed in a narrow range throughout the day, but the S&P and Nasdaq ultimately failed to hold gains despite bargain-hunting that sent investors to the perceived safety of defensive stocks, such as technology and consumer staples.
The Dow Jones industrial average added 3.03 points, or 0.04 per cent, to 7555.63. The Standard & Poor's 500 Index was off 0.75 points, or 0.10 per cent, to 788.42. The Nasdaq Composite Index edged down 2.69 points, or 0.18 per cent, at 1467.97.
- NZPA
