Shares on New Zealand's stock market dropped slightly today, with market leader Telecom leading the indices lower.
By 5pm the NZSX-50 was 4 points or 0.17 per cent lower at 2309, while the NZSX-40 was 2.5 points or 0.12 per cent lower at 2210.31. Turnover was a robust $144 million.
However the
market's dip was "neither here nor there really" according to Macquarie Equities broker Kerry Porter. "Most of that's attributable to Telecom", he said.
Telecom finished today's session 3c lower at 496.
"It's just subject to order flows," Mr Porter said.
"Volume wasn't big in the stock, it was only 4 million shares. Perhaps we'd be a bit more concerned if the stock was falling on bigger volumes."
Mr Porter said liquidity was an issue with some retail investors showing a preference for Australian stocks as the economy over the Tasman showed greater activity than New Zealand's.
"Perhaps we're seeing a greater short term emphasis on selected opportunities in Australia rather the market leaders here in New Zealand."
Meanwhile Carter Holt Harvey today posted a better-than-expected net profit after tax of $70 million for the September quarter.
"Initially the stock was weaker on the day but as the market looked through and analysed the result the quarterly numbers were probably better than the market was expecting."
Nevertheless, the stock ended the day a cent lower at 183.
Fletcher Building hit a fresh high this morning of 444, Mr Porter said this was likely due to reports yesterday of the company's Australian rival Boral speaking confidently of the short to medium term outlook for the sector.
By the session's close Fletcher Building was 3c lower at 438.
Jeweller Michael Hill which released first quarter sales earlier this week gained 11c today to finish at 441.
Mr Porter said the market would had taken some pleasure from news that the company's Australian sales were up and its Canadian operations were beginning to show some traction.
Discount retailer The Warehouse continued its recent run up gaining 3c today to finish at 584.
"Retailing in general has been pretty robust", Mr Porter said.
"Australian retailing has been particularly robust, and it would appear the Warehouse is finally getting their mix of product correct there and starting to make a bit of positive ground."
Meanwhile other stocks to rise included: Air NZ up a cent to 53, Auckland International Airport up 7c to 650, BayCorp Advantage up 8c to 284, Fisher & Paykel Healthcare up 5c to 1245, Genesis Energy up a cent to 107, Guinness Peat Group up 6c to 182, Hellaby Holdings up 5c to 495, Infratil up 3c to 236, NZX up 3c to 465, Pacific Retail Group up 3c to 270, and Sky City up 2c to 866 .
Stocks to fall today included: AMP own 20c to 750, Briscoe Group down a cent to 195, Cavalier Corp down 5c to 550, Contact Energy down a cent to 507, Fletcher Forests down a cent to 131, Fisher & Paykel Appliances down 8c to 1499, Independent Newspapers Ltd down 5c to 461, Mainfreight down a cent to 142, Ports of Auckland down 4c to 851, Restaurant Brands down 3c to 131, Richmond down 35c to 280, Sanford down 5c to 525, Sky TV down 3c to 492, and Telstra down 9c to 557.
There were 58 rises and 48 falls among 147 stocks traded today.
- NZPA
Shares on New Zealand's stock market dropped slightly today, with market leader Telecom leading the indices lower.
By 5pm the NZSX-50 was 4 points or 0.17 per cent lower at 2309, while the NZSX-40 was 2.5 points or 0.12 per cent lower at 2210.31. Turnover was a robust $144 million.
However the
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