MARKET CLOSE: NZ shares fall, paced by Fletcher, Telecom 21 Jun 2012
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MARKET CLOSE: NZ shares fall, paced by Fletcher, Telecom, Auckland Airport
June 21 (BusinessDesk) - New Zealand shares fell, paced by the biggest companies on the bourse – Telecom, Fletcher Building and Auckland International Airport – after the Federal Reserve offered less stimulus in the US than had been hoped.
The NZX 50 index fell 35.40 points, or 1 percent, to 3409.39. Within the index, 25 stocks fell, 14 rose and 11 were unchanged. Turnover was about $104 million.
Telecom, the largest company on the exchange, was down 2.2 percent to $2.425, while shares in Fletcher Building, the country's largest construction company, shed 2.9 percent to $6.03 and Auckland Airport fell 0.8 percent to $2.41.
"We have seen some pretty big selling off of Telecom and Fletcher which are held by Aussie investors - they are selling out of the blue chip stocks and that has pushed them down," said Grant Williamson, director at Hamilton Hindin Greene.
Gains were led by stock exchange regulator NZX, up 2.4 percent to $1.29. Starting later this year the NZX will list 49 percent of Genesis Energy, Mighty River Power. Meridian Energy and Solid Energy, together with the partial sell-down of already-listed Air New Zealand, adding about $4.8 billion to the NZX 50’s free float market capitalisation.
"As we get closer to the SOE sell down, it's creating a lot of interest in the NZX - it creates more fees and improves the company’s bottom line," Williamson said.
Retirement village operator Ryman Healthcare gained 0.3 percent to $3.44, matching June 19’s record close.
"Ryman is one the favourite stocks - mainly due to the fact it’s a defensive and growth stock," Williamson said. "Investors are slowly waking up to the fact that the population is ageing."
Retirement-village rival Metlifecare rose 1.9 percent to $2.20 after shareholders voted in favour of an amended merger proposal, after it reduced the amount of shares it will use to pay for the deal and abandoned plans to raise new equity capital.
Renaissance Corp, which used to have a monopoly on national distribution of Apple products, soared 26 percent to 13 cents after announcing the sale of its IT distribution division to Exeed Limited, halving the size of its balance sheet.
APN News & Media, the media company that publishes the New Zealand Herald, was unchanged at $1.01 on the NZX after announcing it had acquired an 82 percent stake in Australian online shopping club brandsExclusive for as much as A$66 million. The ASX-listed shares fell 2.7 percent to 71.5 Australian cents.
Shares in telecommunications company, Zintel Group, jumped 11 percent to 39 cents after it announced the sale of its subsidiary company, Zintel Cogent, for $1 million effective July 2.
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