Sharechat Logo

Sharemarket flat as Vector hit again

Tuesday 12th April 2011

Text too small?

Shares in electricity and gas distributor Vector took another hit in early trading, the day after the company expressed dissatisfaction with a Commerce Commission proposal related to regulated pricing for monopoly network owners.

Vector (NZX: VCT ) shares were down 10c early today to $2.36, having lost 11c yesterday after the commission published a proposal to change the basis for the default price path used for electricity distribution businesses.

The proposal overturned the basis which most lines companies and market participants had been using to estimate the impact of the new regulatory regime for a considerable period of time, Vector said.

The broader market was flat early, with the NZX-50 index down 0.08 points to 3461.24 around 10.20am, having gained 16 points yesterday on the back of a 15c rise in the price of Fletcher Building shares.

Today, Fletcher (NZX: FBU ) gave up 2c early to $9.50, with other movements of key shares including a 0.5c lift by Telecom (NZX: TEL ) to $2.00, while Contact Energy (NZX: CEN ) was unchanged on $5.73.

Port of Tauranga (NZX: POT ) lost 10c early to $8.40, Sanford (NZX: SAN ) was down 3c to $5.52, Air NZ (NZX: AIR ) lost 2c to $1.10, Fisher & Paykel Healthcare (NZX: FPH ) was down 2c to $3.07, and Tower (NZX: TWR ) dropped 2c to $1.84. Nuplex (NZX: NPX ) gained 5c to $3.06.

In the US, stocks mostly fell as energy shares sold off on lower oil prices, and the onset of earnings season was clouded by concern that company outlooks may fall short of expectations.

Worries that increased raw material costs and the effects from Japan's earthquake may affect coming quarters would put companies' forward-looking statements under increased scrutiny.

The Dow Jones industrial average rose 0.01% at 12,381.11, the Standard & Poor's 500 Index fell 0.3% at 1324.46, and the Nasdaq Composite Index lost 0.3% at 2771.51.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

18th October 2021 Morning Report
T&G Global Limited (NZX: TGG) FY21 Earnings Guidance Update
Arvida Group Limited (NZX: ARV) Successful Completion of $155m Placement
FreshLeaf: Cannabis on course to be 'medicine of the masses'
Arvida Group Limited (NZX: ARV) to Acquire Arena Living Retirement Living Portfolio
My Food Bag Group Limited (NZX: MFB) Market Update and HY Results Announcement Date
Harmoney Corp Limited (NZX: HMY) Delivers Record September Quarter
Vital Healthcare Property Trust (NZX: VHP) Announces Successful Completion of $115m Placement
14th October 2021 Morning Report
General Capital Limited (NZX: GEN) Completes Greenfern Listing