NZ sharemarket ends flat

The New Zealand sharemarket ended a week in which global data stole the show on a flat note.

The benchmark NZX-50 index closed up 4.288 points, or 0.146 percent, at 2398.109.

Yesterday the index lost 38.3 points as it fell for a sixth consecutive session on continued weakness in offshore markets on worries about European banks and the Chinese and United States economies. Today markets across Asia were mixed to weaker ahead of non-farm payrolls data in the US.

"It looks like investors are taking money off the table ahead of a crucial non-farm payrolls number this evening and Monday's Independence Day holiday in the US," said Ben Potter, market strategist at IG Markets.

"There's a lot of negative sentiment in the market at the moment, so a people are taking the cautious approach and reducing their exposure," he said.

The leaders were mixed. Telecom rose 1c to $1.84, Fletcher Building fell 9c to $7.66 and Contact rose 4c to $5.73.

SkyCity rose 5c to $2.88, The Warehouse rose 4c to $3.40 and Nuplex 7c to $2.84.

Auckland Airport rose 1c to $1.87 and The Warehouse 4c to $3.40.

Pumpkin Patch rose 1c to $1.87 after announcing highly regarded businessman Brent Impey was joining its board as an independent director.

Retailer Postie Plus Group eased 2c to 30c after reporting a slowdown in sales in May and June.

Mercer Group was untraded after announcing debt it had to South Canterbury Finance was now provided by a company associated with its director Humphrey Rolleston.

L&M Energy rose 2c to 14c and NZ Refining rose 15c to $3.05.

Allied Farmers eased slightly to 3.7c.

NZX rose 4c to $1.46 and Goodman Fielder rose 3c to 164. Guinness Peat Group rose 1c to 65c.

In the US, major indexes were lower for a fourth straight day after suffering their worst quarter since late 2008, but losses eased near the end of the session.

"Right now everyone is so concerned about a major 'potential depression' or deflation taking place - it's really roiling the market," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

The Dow Jones industrial average dropped 0.4 percent to 9732.53, the Standard & Poor's 500 Index shed 0.3 percent to 1027.38, and the Nasdaq Composite Index lost 0.4 percent to 2101.36.

 

 

 

Add a Comment