NZX 50 falls from four-year high
Tue, 18 Sep 2012 6:17p.m.
New Zealand shares fell, pushing the NZX 50 Index down from its highest point in more than four years, as commodity prices gave up recent gains.
The NZX 50 fell 12.75 points, or 0.3 per cent, to 3804.47. Within the index, 29 stocks fell, 13 rose, and eight were unchanged. Turnover was $134 million.
Equities markets, which rallied strongly in the wake of the Federal Reserve's announcement of more quantitative easing last week, fell across Asia, Wall Street and Europe and commodities generally weakened. The Thomson Reuters/Jefferies CRB Commodity Index fell 2 per cent overnight.
"Investors are doing a bit of restructuring of portfolios post reporting season and are waiting on some more macro leads from overseas," said James Smalley, client adviser at Hamilton Hindin Greene.
OceanaGold, the operator of the Macraes gold field, fell 1.8 per cent to $3.75 as spot gold fell from a seven-month high to US$1,754.85 an ounce. NZ Oil and Gas fell 4.2 per cent to 80.
Fletcher Building, the nation's biggest construction company, shed 0.9 per cent to $6.88. Telecom, New Zealand's largest listed company, dropped 0.6 per cent to $2.485.
Trade Me, the online auction site that joined the NZX 20 last week, fell 0.5 per cent to $4.03.
The gainers were led by Cavalier, New Zealand's only listed carpet marker, up 4.9 per cent to $1.94. Chorus, New Zealand's largest fixed line telecommunications network operator, rose 1.1 per cent to $3.54.
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