New Zealand stocks eased today following global markets downward after weak consumer confidence data from the US overnight.
The NZSX-50 gross index was down nearly 11 points or 0.5 per cent to 2146.98, while the NZSX-40 capital index eased by 8.32 points or 4 per cent to 2078.95. Turnover was a
healthy $102.75 million on 31.26 million shares traded.
Nevertheless, trading was generally weak across the board according to JB Were institutional advisor Joe Gallagher.
Market features today included a 2c dip to 508 by leader Telecom which did however outperform rival TelstraClear.
"Probably a bit of switching out of Telstra into Telecom I would have thought," Mr Gallagher said. Just less than $60 million worth of Telcom shares changed hands today.
TelstraClear shares were down 11c to 515.
Another market heavyweight, wood processor CarterHolt Harvey also drifted off, losing 5c to 472.
On the upside, Fisher & Paykel Appliances rose 5c to 1350. "There are still continued strong housing figures coming out of Australia which is going to help Appliances," Mr Gallagher said.
Tranz Rail dipped by 1 cent to 102 on what Mr Gallagher said was speculation that Australia's Toll Holdings was unlikely to increase its 95c a share takeover bid.
Toll said today it is to send representatives to New Zealand next week to attend a Takeovers Panel meeting on its bid and to attempt to talk around institutional shareholders resistant to its offer.
Tower rights continued to trade briskly today with 4.5 million changing hands. Tower shares were unchanged at 124 by the market's close.
Discount retailer The Warehouse was off 5c with the market "possibly feeling a little bit jittery about the upcoming result," Mr Gallagher said.
In potentially very good news for the market , the Government today announced its New Zealand Superannuation Fund will start investing by the end of September.
The fund's strategic asset allocation will be announced on August 14.
The fund's board of guardians also announced today that BNP Paribas Securities Services was its "preferred" custodian.
Mr Gallager said the news today as positive "We're still to work out what percentage of this fund is to be allocated to New Zealand equities but that is hoped to be quite a good kicker for the New Zealand market," he said.
Among today's risers were: Air New Zealand up a cent to 49, BayCorp Advantage up 3c to 166, Briscoe Group up 9c to 188, Mooring Systems up 8c to 149, NZX up 4c to 490, and Richmond up 2c to 312.
Stocks to fall today included: Auckland International Airport down 3c to 597, Contact Energy down 5c to 472, Fisher & Paykel Healthcare down 10c to 1175, Fletcher Building down a cent to 397, Genesis Energy down 2c to 112, Hellaby Holdings down 2c to 442, Independent Newspapers down 2c to 413, Michael Hill down 10c to 410, Sky TV down 9c to 465, Tourism Holdings Ltd down 3c to 125, and TrustPower down 5c to 465.
There were 35 rises and 47 falls on 135 stocks traded today.
- NZPA
New Zealand stocks eased today following global markets downward after weak consumer confidence data from the US overnight.
The NZSX-50 gross index was down nearly 11 points or 0.5 per cent to 2146.98, while the NZSX-40 capital index eased by 8.32 points or 4 per cent to 2078.95. Turnover was a
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