NZ shares join global slide
Wed, 25 Jul 2012 9:07p.m.
New Zealand shares joined a global side as markets focused on Europe's debt crisis.
The decline was paced by stocks as diverse as Xero, Goodman Fielder and SkyCity Entertainment Group.
The NZX 50 Index fell 1.72 points, or 0.05 percent, to 3458.97. Within the index, 23 stocks fell, 16 rose and 11 were unchanged. Turnover was $83.8 million.
Officials from Greece's troika of international creditors arriving in Athens on Wednesday have signalled little hope the indebted nation will meet commitments for its bailout, while Spain paid the second-highest yield on short-term debt since the euro started at auction.
The Nikkei 225 Index was down 1.6 percent in early afternoon trading in Tokyo amid concern global growth faces more headwinds.
"It's certainly not good news for New Zealand," said Grant Williamson, director at Hamilton Hindin Greene.
"Although New Zealand is insular we still sell a lot of products which will not be in the same demand if the economic market continues to decline.
"The focus continues to be on Europe and the Spain issues."
Xero fell 5.5 percent to $5.20, extending its decline from the record $5.80 it reached in intraday trading a week ago.
The shares have soared 99 percent this year.
The Wellington-based company holds its annual shareholders' meeting on Thursday.
"It's one stock where there are large gainers for investors and in times of uncertainty investors will sell those stocks," Mr Williamson said.
Goodman Fielder, the food ingredients manufacturer whose brands include Edmonds baking products and Vogel's bread, fell 3.2 percent to 61 cents. SkyCity slipped about 2 percent to 3.45.
Oceanagold fell 0.8 percent to $2.38 ahead of its half-year results on Thursday.
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