The sharemarket ended the week on a down note today amid a flurry of annual meetings.
Sky City Entertainment, Sky Network TV, Toll, Nuplex, Tenon, NZ Oil & Gas (NZOG) and Pyne Gould Guinness all held their AGMs today.
The benchmark NZSX-50 gross index fell 16.21 points to 3270.75, while the NZSX-All capital index lost 4.43 points to 1000.80.
First NZ Capital's research manager Barry Lindsay said today's slide was triggered by falls offshore, but corporate news also played a part.
"It's interesting how the market - while it's weighed down by more macro issues about interest rates, weaker world equity markets and the level of the currency - does also look closely at what companies are saying about how they are performing," he said.
Takeover target Capital Properties rose 3c to 146 after AMP Property Portfolio today raised its takeover offer to $1.48 a share from $1.42. The trust's single biggest shareholder -- Kiwi Income Property Trust (KIP) has agreed to sell its 19.23 per cent stake at the revised price, taking AMP's stake to just over 36 per cent.
New Zealand Refining Company (NZRC) gained 25c, or almost 5 per cent, to 540 after it forecast a 40 per cent rise in its full year profit and announced plans to look at boosting capacity at Marsden Point.
Sky City Entertainment fell 6c to 456, after it said today trading in the first quarter was in line with the casino operator's expectations.
Sky TV gained 5c to 615.
NZOG rose 3c to 103 after it's AGM announcement of a free bonus issue of listed options to all shareholders.
Shareholders would be able to acquire one new option for every two shares held at an exercise price of $1.50.
At its AGM, Toll NZ signalled a fare rise for Interisland ferry passengers aimed at offsetting fuel price increases. Toll shares were unchanged at 360.
Nuplex rose 12c to 414. The company expects its earnings per share to rise to 48c this financial year, after falling to 40.8c the previous year.
His $2.50 a share bid closes on November 3.
Carter Holt Harvey was unchanged at 250, after it announced yesterday it has re-engaged independent advisers Grant Samuel to evaluate if its profit downgrade affects the company's valuation.
On Wednesday Carter Holt issued its third profit warning for the year and is now forecasting a profit of $200 million in 2005, down from an original forecast of $300m . Grant Samuel had prepared a valuation of $2.55 to $2.95 a share in response to the $2.50 a share takeover offer by Graeme Hart's Rank Group. Grant Samuel's reassessment will be released on Monday, with the offer due to close on Thursday.
Market leader Telecom continued to head south, falling 8c to 575. The stock last traded so low in October last year.
Total market turnover was worth $111.1 million, with 49 rises and 59 falls among the 149 stocks traded.
- NZPA
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But the local index and its defensive stocks fared the best in terms of falls.