6 May 2011

Trans Tasman markets down

1:31 pm on 6 May 2011

The New Zealand stock market was down on Friday morning.

At 12:38pm the NZX50 was down 3 points to 3496 on turnover of $47 million.

Fletcher Building was down 7 cents at $8.94. Telecom was up 3c to $2.22 after saying it expects to meet its earnings targets this year, but plans to spend less on capital investment.

Contact Energy was down 2c at $5.99. Sky City Entertainment Group was unchanged at $3.61, Sky Television Network was unchanged at $5.70 and Auckland International Airport Ltd was down 1c to $2.22.

The Warehouse was down 1c at $3.72, Pumpkin Patch was down 1c at $1.20 and Kathmandu was down 4c to $2.50.

Methven was down 9c to $1.42 after announcing its largest customer in the UK, Focus, has asked for administrators to be appointed. It owes Methven $1.5 million.

Burger Fuel was unchanged at 38 cents after selling a license agreement to an Iraqi consortium that also owns half of Iraq's North Bank financial institution, and half of Pepsi Iraq.

South Port was unchanged at $3.30 after issuing another profit upgrade. It expects earnings will reach between $5.6 - $5.8 million in the year to June.

SmartPay was unchanged at 2.3 cents, after announcing it is pushing ahead with its Australian stock market listing, but will remain on the New Zealand exchange.

Across the Tasman, the Australian 200 index was down 16 points, or 0.33%, to 4738.

The New Zealand dollar was trading at 78.81 US cents, 74.19 Australian cents, 48.04 pence, 63.5 yen and 0.5412 euro. The Trade Weighted Index was at 67.71.