6.03pm
The sharemarket took a tumble today as it followed international equity markets down, amid concerns about rising oil prices.
The benchmark NZSX-50 gross index took its biggest one-day dive since May, falling 20.41 points or 0.71 per cent to 2837.25, pegging it back to where it was at the end of
September. Meanwhile the NZSX-All capital index fell 8.09 points to 941.87.
The dip followed a 1 per cent fall by the Dow in the US overnight.
Grant Williamson of Hamilton, Hindin Greene said apart from international influences, investors were also looking to book profits after the sharemarket's recent strong run.
"I think our market has looked a bit tight for a week or so now," Mr Williamson said.
Market heavyweight Telecom led the way down, falling 10c, or 1.68 per cent, to 587 on turnover worth $23.8 million. The stock, which has a high number of offshore investors, often reflects movements in international markets. Mr Williamson said there had also been talk of new regulations for the mobile phone sector, which could have pushed the stock down.
Building stocks Fletcher Building and Nuplex also softened, as data out today showed inflation rose to an 18-month high of 2.5 per cent in the September year -- giving the Reserve Bank further cause to continue to hike interest rates.
Fletcher Building fell 11c to 565, while Nuplex lost 7c to 508 and Steel & Tube was down 3c at 465.
Air New Zealand dropped 2c to 159 after 400 ground staff started a 22-hour strike this morning. The airline was yesterday reported to be reviewing its fuel surcharges, and said a decision on any potential increase in the face of rising oil prices would be announced within the next nine days.
In response to a query from stock exchange operator NZX, New Zealand Refining said the probable cause of a 26 per cent rise in its share price last week was a favourable report from brokerage firm First NZ Capital. The company's shares rose from $21.40 to $27.00 between Monday October 4 and Monday October 11 in the lead-up to it reporting its highest refining margins for the year. The stock was unchanged at 2700 today.
There were 161 stocks traded today, with falls outnumbering rises 69 to 38. Total market turnover was worth $97.8 million.
Other stocks on the move today included: NZX down 15c to 750, Toll NZ down 5c at 270, Carter Holt down 1c at 233 and Ebos up 12c at 434.
- NZPA
6.03pm
The sharemarket took a tumble today as it followed international equity markets down, amid concerns about rising oil prices.
The benchmark NZSX-50 gross index took its biggest one-day dive since May, falling 20.41 points or 0.71 per cent to 2837.25, pegging it back to where it was at the end of
AdvertisementAdvertise with NZME.