MARKET CLOSE: Sharemarket closes lower on positive day for others

Friday 25th February 2011

The New Zealand sharemarket posted modest losses on a day some markets finished a week plagued by worries about instability in the Middle East on a positive note.

The benchmark NZX-50 index closed down 4.439 points, or 0.132%, at 3363.914, after opening down 5.86 points. Turnover was worth $105 million. There were 31 rises and 37 falls among the 111 stocks traded.

"Looking ahead, at least in the near-term we see equity markets being dictated to by the 'goings-on' in the Middle East and North Africa," Ben Potter of IG Markets said.

Key stock Telecom (NZX: TEL ) slipped 2c to a 10-week low of $2.09, while Fletcher Building (NZX: FBU ) rose 5c to $8.63 after announcing the Commerce Commission had cleared its offer for Crane Group.

The profit results kept on coming.

Guinness Peat Group (NZX: GPG ) rose a cent to 76 after reporting a full-year net profit of Stg46 million, a turnaround from the Stg36 million loss the year before.

Vector (NZX: VCT ) rose a cent to $2.48 after reporting half-year net profit dropped 2.8%.

Pyne Gould Corp (NZX: PGC ) has delayed publication of its results for the six months to the end of December in the wake of the devastating Christchurch earthquake.

Contact Energy (NZX: CEN ) rose a cent to $6.24 after welcoming a draft decision to grant resource consents for 168 wind turbines at its proposed Hauraki windfarm in Waikato.

Xero (NZX: XRO ) rose 2c to $2.56, Cavalier Carpets (NZX: CAV ) rose a cent to $3.35 and Infratil (NZX: IFT ) rose a cent to $1.95.

OceanaGold fell (NZX: OGC ) 15c to $3.65 after rising strongly earlier this week, Ebos (NZX: EBO ) fell 5c to $7.35 and Nuplex (NZX: NPX ) fell 8c to $3.31. TrustPower (NZX: TPW ) fell 3c to $7.19 and Sanford (NZX: SAN ) fell 4c to $5.02. Auckland Airport (NZX: AIA ) fell 2c to $2.24 and Port of Tauranga (NZX: POT ) fell 2c to $7.83. NZX (NZX: NZX ) fell a cent to $1.61. SkyCity (NZX: SKC ) fell a cent to $3.26. Restaurant Brands (NZX: RBD ) fell 2c to $2.41.

In the US, the Dow Jones industrial average and Standard & Poor's 500 closed down but well off the day's lows in a volatile session, suggesting investors aren't ready to give up on the market's rally.

The S&P 500 opened lower on deepening concerns that higher oil could stifle economic activity. Stocks hit their worst levels when Brent crude neared US$120 a barrel on Libya's turmoil, but a drop in oil prices prompted a corresponding recovery in stocks.

Based on preliminary data, the Dow was down 0.3% to end unofficially at 12,068.50, the S&P 500 was down 0.1% to 1306.10, while the Nasdaq Composite Index was up 0.6% to 2737.90.

NZPA

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