Sharechat Logo

MARKET CLOSE: Aussie exposed NZ shares fall

Wednesday 27th October 2010

Text too small?

New Zealand stocks were mixed, with Kathmandu leading decliners amid weaker Australian consumer stocks, and Pike River Coal gaining after its biggest shareholder reiterated its support.

The NZX 50 Index fell 5.10 points, or 0.1%, to 3280.338. Within the index, 13 stocks fell, 21 rose and 14 were unchanged. Turnover was a higher-than-average $104.5 million.

The S&P/ASX 200 Consumer Staple Index fell 1.6% and the Consumer Discretionary Index fell 0.9%. Retailers have been hit by the strength of the Australian dollar, which reached parity with the greenback this month, lifting the cost of imported goods in the face of tepid consumer spending.

Kathmandu (NZX: KMD ) fell 5.8% to $1.79 on the NZX 50. Pumpkin Patch (NZX: PPL ) declined 0.5% to $1.95.

“It looks like people are cautious on stocks with an exposure to the Australian market right now, especially with the weaker consumer outlook,” said Paul Richardson, who helps manage $300 million in equities for BT Funds Management.

Fisher & Paykel Healthcare (NZX: FPH ) fell 3.3% to $3.19. Nuplex Industries (NZX: NPX ) fell 0.9% to $3.34.

Restaurant Brands (NZX: RBD ) rose 2.2% to $2.75, pacing gainers on the NZX.

Tower (NZX: TWR ) rose 1.6% to $1.88 and Sky Network Television (NZX: SKT ) rose 1.5% to $5.29.

Pike River Coal (NZX: PRC ) rose 1.9% to $1.05 after New Zealand Oil Gas (NZX: NZO ) told its shareholders that Pike is still worth supporting despite production repeated delays with its hydro mining operations.

NZOG's exposure to Pike is $85 million and it booked $11.5 million in the last year as its share of the coal miner's losses. Shares in NZOG rose 1.6% to $1.31.

Contact Energy (NZX: CEN ) rose 0.3% to $5.87 after it said it is expecting to see the financial benefits of developments worth $420 million in the second half of the current financial year.

Air New Zealand (NZX: AIR ) was unchanged at $1.34 after the airline reported that it carried 7.4% more passengers during the month of September than last year, boosted by an 8.2% uptick in short haul numbers.

A rebound in tourism helped the sector eclipse dairy products as the biggest exporter earner in the year to March 31, according to government figures.

Foreign visitors lifted their spending by $149 million to $9.5 billion, with an inflow of Australians taking advantage of their strong currency jumping across the Tasman for bargain holidays, Statistics New Zealand said. Dairy exports amounted to $9 billion in the same period.

L&M Energy (NZX: LME ) was unchanged at 13.5 cents after the company yesterday increased gas reserves at its western Southland basin permit by 60% following an independent resource reserve review.

Burger Fuel Worldwide (NZX: BFW ) was unchanged at 50 cents on the NZX alternative market, its highest level since mid-May, after the fast food chain announced it will open a second store in Saudi Arabia.

  General Finance Advertising    

Comments from our readers

No comments yet

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:

Fletcher Building Announces Director Appointment
Meridian issues new demand response exercise notice to NZAS
CRP - Chatham Closes Private Placement of Shares
General Finance - Olympic Term Deposit Promotion featuring a Special Bonus of 0.1%
July 22nd Morning Report
VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report