3 May 2011

NZ and Australian markets down

1:30 pm on 3 May 2011

The New Zealand stock market was down on Tuesday morning.

By 12:41pm, the NZX50 index was down 4 points at 3494 on turnover of $45 million.

Fletcher Building was down 9 cents at $8.98

Telecom was down 2.5c to $2.13. The Commerce Commission has accused it of inflating the value of its assets and substantially overstating the cost of providing rural phone lines.

Contact Energy was up 6c at $5.94.

ANZ was down 11c to $32.74 after it lifted its half year profit by a quarter, driven by a drop in bad debts.

Sky City Entertainment Group was down 2c at $3.58, Sky Television was down 3c at $5.71, and Auckland International Airport Ltd was down 0.5c to $2.23.

The Warehouse was up 3c to $3.72 and Pumpkin Patch was down 2c at $1.20.

Kathmandu was up 15c to $2.60 after same store third quarter sales rose more than 23%. The company says it remains on track to deliver strong year-on-year sales and profit growth.

Bathurst Resources is on a trading halt while it tries to raise $A55 million on market, in an institutional placement.

It has entered an agreement to buy three blocks of land with coal mining permits next to its existing Buller Coal Project for $US12 million and $15 million in shares. Shares last traded at $1.64 each.

Across the Tasman, the Australian 200 was down 43 points at 4783.

The New Zealand dollar was at 80.36 US cents, 73.57 Australian cents, 48.39 pence, 65.17 yen and 0.5437 euro. The Trade Weighted Index was at 68.38.