17 Apr 2012

NZX 50 opens week by slipping 14 points

8:35 am on 17 April 2012

The benchmark NZX 50 index fell 14 points to close at 3474 on Monday, on turnover of $94 million.

Fletcher Building rose again, on top of several rises last week, and this time lifted 1 cent to $6.21, while cornerstone stock Telecom rose 4 cents to $2.53.

Seafood company Sanford jumped 20 cents to $4.20, Ebos Group lifted 10 cents to $7.60, Trustpower rose 6 cents to $7.24, and Ecoya rose 4 cents to $1.12. Among cheaper stocks, Jason Travel jumped 6 cents to 20 cents.

A2 Corporation is unchanged at 51 cents after striking a deal with Synlait Milk to process its milk and turn it into powders for the Asian market. Synlait two years ago sold control of its milk processing to China's second-largest dairy company, the part state-owned Bright Dairy & Food Co.

Among a raft of falls in stock prices, Chorus fell 7 cents to $3.36, Contact Energy was down 3 cents at $4.75, SkyCity Entertainment fell 6 cents to $3.79, and Sky Television fell 3 cents to $5.22

Other falls included Mainfreight (down 11 cents to $9.37), Refining NZ (down 5 cents to $2.75), OceanaGold (down 9 cents to $2.96), Xero (down 9 cents to $3.80), Vector (down 8 cents to $2.66)

and Kathmandu (down 4 cents to $1.60)

At the end of the business day, the NZ dollar was trading at 81.05 cents US, 79.48 cents Australian, 51.75 pence, 66.07 yen, 0.6290 euro and the trade-weighted index - a basket of currencies from key trading partners - was at 73.29 points.