17 Aug 2010

NZ sharemarket falls

10:21 pm on 17 August 2010

The New Zealand sharemarket fell 17 points, or 0.5%, to close at 3007 on Tuesday on turnover of $65 million.

Fletcher Building was down 5 cents to $7.18 per share, Contact Energy fell 8c to $5.74 and Telecom was unchanged at $2.07.

Sky City Entertainment slid 10c to $2.89 after releasing its full-year results. Sky Network Television was down 6c to $4.95.

Air New Zealand fell 1c to $1.15 after Pacific Blue's announcement on Monday that it would stop flying domestic routes in New Zealand and concentrate on the trans-Tasman and medium-haul international routes.

The Warehouse was down 1c to $3.45.

Freightways gained 6c to $2.81 after the courier and information management firm's annual profits fell by a third due to the patchy economic recovery and one-off items.

NZ Farming Systems Uruguay was up 1c to 64c after a rival takeover bid by Uruguay-based Union Agriculture Group, which is offering 60c a share - 5c more than the bid by Singapore company Olam International.

Pyne Gould Corporation was unchanged at 43c after issuing a profit upgrade on Monday.

DNZ Property Fund was unchanged at 99 after its stock market debut on Monday.

At 5.20pm on Tuesday, the New Zealand dollar was trading at 71.04 US, 78.79 Australian, 45.3 pence, 60.57 yen and 0.5527 euro. The Trade Weighted Index stood at 66.18.