Sharechat Logo

NZ sharemarket falls early as GPG loses 7pct

Wednesday 29th June 2011 2 Comments

Text too small?

Shares in investment company Guinness Peat Group fell 5c in early trading following the removal of New Zealand-based Tony Gibbs as an executive director after he publicly opposed plans to spin off the company's Australian assets.

GPG shares were down 7.4 percent to 63, as efforts to pull away from an 11-month low 61c reached last week faltered.

After small declines by equities in the United States, the benchmark NZX-50 index in this country was down 7.66 points to 3000.75 around 10.15am, its lowest level in nearly three weeks as it fell back towards an 11-month low below 2970 reached earlier in June. Yesterday the index ended down 25.7 points.

Other shares down early included fishing company Sanford, which lost 2c to 400 and Auckland Airport down 2c to 187.

Contact Energy slipped 1c to 576 early, while among other leading stocks Fletcher Building was unchanged on 795 and Telecom was unchanged on 190.

Trustpower rose 3c to 724 and Port of Tauranga lifted 2c to 664.

In the United States, stocks ended slightly lower as gains in consumer-related stocks, including tobacco shares, were offset by losses in the energy sector.

Consumer shares rose after the government said personal spending rose moderately in May, exceeding expectations, after being flat in April.

Tobacco companies rallied after the US Supreme Court rejected an attempt by the US government to wrest billions of dollars in damages from the tobacco industry.

The energy sector weakened as US crude oil futures fell with the easing of fears that Tropical Storm Alex would disrupt production in the Gulf of Mexico.

The Dow Jones industrial average dropped 0.1 percent to 10,138.52, the Standard & Poor's 500 Index slipped 0.2 percent to 1074.57, and the Nasdaq Composite Index shed 0.1 percent to 2220.65.


  General Finance Advertising    

Comments from our readers

On 29 June 2011 at 11:56 am PC said:
which archive has this article come from? not 29 June 2011
On 29 June 2011 at 1:12 pm D Bartholomew said:
You appear to have major problems lately ,once again publishing archival material as current commentary .
Add your comment:
Your name:
Your email:
Not displayed to the public
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:

28th October 2021 Morning Report
Wellington Drive Technologies Limited (NZX: WDT) Performs Strongly in Q3-2021
Ryman Healthcare Limited (NZX: RYM) Acquires Extensions to Two Existing Victorian Sites
Promisia Healthcare Limited (NZX: PHL) Banking Covenant Update
Pictor Limited Announces Start of US Clinical Trials for SARS-CoV-2 Serology Test
Arvida Group Limited (NZX: ARV) Opening of Rights Offer
Move Logistics Group Limited (NZX: MOV) Announces $40m Capital Raise
27th October 2021 Morning Report
The a2 Milk Company Limited (NZX: ATM) Investor Day 2021
Contact Energy Limited (NZX: CEN) Considers Green Capital Bond Offer