MARKET CLOSE: NZ shares mixed; Nuplex gains, Fletcher falls 18 Jul 2012
- MARKET CLOSE: NZX50 falls to two-month low as Chorus drops Business
- NZ dollar heads for 1.4 percent weekly gain vs. Aussie Business
- FMA almost done in settlement with Strategic Finance Business
- NZ ETS to restrict Kyoto Protocol units from 2015 Business
- Supreme Court tosses out Gull appeal over $23M butane blend Business
- Bank of New York Mellon trims holding in embattled Chorus Business
- NZ govt operating deficit smaller than forecast Business
- Chatham Rock granted mining permit, still needs EPA approval Business
- Regulator seeks industry views on Chorus UCLL price Business
- RBNZ commitment to inflation target crucial for guidance Business
New Zealand shares were mixed, with gainers and decliners evenly matched on the NZX 50 Index. Nuplex Industries rose as the government sought proposals for one of the biggest-ever paint tenders, while Fletcher Building slipped amid criticism of the Christchurch rebuild.
The NZX 50 rose 5.19 points, or 0.2 percent, to 3474.05. Within the index, 19 stocks rose, 19 fell and 12 were unchanged. Turnover was $97.2 million.
Nuplex, the specialty chemicals company that makes the ingredients used in paint, rose 2.4 percent to $2.55. The government is seeking the supply of 5 million litres of paint to be used in the rebuild of Christchurch.
“Additional paint volume is always a plus for our industry and we are looking forward to the opportunity to supply our customers who are successful in the tender process,” a Nuplex spokeswoman said.
Fletcher fell 0.7 percent to $5.85. Tradespeople in Christchurch have formed a lobby group claiming the rebuilding process, which Fletcher is overseeing, is eroding their margins and favouring big business.
Telecom, the biggest company on the exchange, rose 2.2 percent to $2.52. Chorus, the network company spun off from Telecom in November, rose about 1 percent to $3.16.
“Our market rallied throughout the day due to Telecom moving higher and Sky City and Chorus recovering some lost ground after being sold down over the past few days,” said Bryon Burke, head dealer at Craigs Investment Partners. “There were some large order flows out of Australian and Asia from midday onwards.”
Still, he said there “no conviction around the world and we have been through a significant period of negative sentiment – the economic data coming through is supporting the rise in prices but it’s not enough so investors are sitting on the sidelines.”
Pumpkin Patch, the children’s clothing chain, gained 2.3 percent to 90 cents as AMP Capital Investors New Zealand disclosed it had a substantial holding of 5.5 percent of the company.
Warehouse Group, the biggest retailer on the NZX 50, rose 1.2 percent to $2.57.
Guinness Peat Group, the investment company winding up its portfolio, rose 1.1 percent to 47.5 cents after announcing yesterday its third sale of a UK brewery business.
Xero, the cloud-based accounting services company, fell 2.6 percent to $5.55, reversing some of yesterday’s gains. Diligent Board Member Services fell 1 percent to $3.96.
With Xero, ““it’s just a matter of investors having faith, you will eventually get a return on profit,” Burke said.
OceanaGold, the operator of the Macraes gold field, fell 6.8 percent to $2.33, the biggest decliner on the NZX 50. Goodman Fielder fell 2.9 percent to 66 cents.
Mainfreight rose 1.7 percent to $9.36 while Auckland International Airport fell 1.2 percent to $2.48.
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