5 May 2012

NZX 50 ends week with a 27% drop

5:40 am on 5 May 2012

The NZX 50 index fell 27 points, or 0.8%, to close at 3550 points on Friday.

Key stocks to fall included Fletcher Building -- the focus of attention in Christchurch's reconstruction saga - which fell 7 cents to $6.28, while cornerstone stock Telecom fell 4.5 cents to $2.535, and its spin-off, Chorus, tumbled 27 cents to $3.25.

Australian-controlled Contact Energy fell 2 cents to $4.83, SkyCity Entertainment fell 5 cents to $3.86, Sky Network Television fell 5 cents to $5.57, and Fisher & Paykel Healthcare was also down 3 cents at $2.22.

Pumpkin Patch fell 5 cents to 95 cents, NZ Oil & Gas slipped 1.5 cents to 78 cents, and Refining NZ fell 4 cents to $2.82. Freightways was down 3 cents to $4.18, but Skellerup was unchanged at $1.49.

One of the big trans-Tasman banks, ANZ rose 7 cents to $30.12 and the TradeMe online auction house was up 4 cents at $3.87, while retailer Hallenstein Glasson lifted by a similar margin, up 4 cents to $3.96.TrustPower rose 2 cents to $7.53.

At the end of the business week, the NZ dollar was at 80.01 US cents - with analysts predicting a fall over the weekend - and was also selling at 78.16 cents Australian, 49.47 pence, 64.2 yen, and 0.6089 euro. The trade-weighted index was at 71.34 points.