New Zealand shares join global slide
Mon, 16 Apr 2012 8:23p.m.
New Zealand shares fell, joining a global slide amid doubts about the pace of worldwide growth and as investors await more US earnings for a take on the global economy.
The NZX 50 Index fell 13.66 points, or 0.4 percent, to 3,473.50.
Within the index, 32 stocks fell, 12 rose and six were unchanged. Turnover was $117.8 million.
"It was pretty weak overnight in America and New Zealand is down on the back of that," said Mark Lister, head of private wealth research at Craigs Investment Partners. "People are waiting for earnings season in the US."
Investors are awaiting earnings results of 91 companies in the S&P 500 this week.
OceanaGold, the operator of the Macraes gold field, led decliners, falling about 3 percent to $2.96 as the price of gold fell.
Vector, the electricity and gas network company, fell 2.9 percent to $2.66. Chorus, the network company spun off from Telecom, fell 2 percent to $3.36.
Auckland International Airport, the nation's busiest gateway, dipped 0.6 percent to $2.485 after saying it had signed a memorandum of understanding with Garuda Indonesia which may lead to the resumption of flights between the two countries for the first time in six years.
Fisher & Paykel Healthcare extended its decline to a new month-low, as it fell 0.9 percent to $2.14. The breathing respirator maker has been struggling to contend with a persistently high Kiwi dollar, as it records more than half its earnings in US dollars.
Kathmandu, the outdoor equipment chain, fell 2.4 percent to $1.60. Pumpkin Patch, the children's clothing retailer, declined 2.4 percent to $1.60.
Telecom climbed 1.6 per cent to $2.53 and Fletcher Building gained 0.2 percent to $6.21.
Contact Energy, the nation's biggest listed power company, fell 0.6 percent to $4.75.
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