16 Jul 2010

Sharemarket closes the week 0.5% down

9:26 pm on 16 July 2010

The benchmark NZX50 index closed down 16 points, or 0.5%, on turnover of $51 million on Friday to finish the week at 2985.

Fletcher Building was down 2c to $7.62, Telecom was down 1c to $1.89 and Contact Energy was unchanged at $5.74.

Sky City Entertainment dropped 1c to $2.96, and Sky Network Television 2c to $4.78.

The Warehouse was up 2c to $3.52 and New Zealand Oil and Gas down 5c to $1.25.

Auckland Airport shed 2c to close at $1.94 after announcing it is delaying the construction of a second runway.

Air New Zealand is unchanged at $1.03 after dismissing as speculation reports that it's looking to buy a cornerstone stake in Virgin Blue.

In currency markets, the NZ dollar was at 71.99 US, 82.15 Australian, 46.70 pence, 62.65 yen and 0.5576 euro, and the TWI stood at 67.65.

Australian market also down

Across the Tasman, the Australian sharemarket also closed lower, led in its case by losses in the materials and financial sectors.

The benchmark S&P/ASX200 index was down 19.9 points, or 0.45%, to 4422.7, while the broader All Ordinaries index was down 19.7 points, or 0.44%, to 4437.