19 Jul 2011

NZ sharemarket down

7:14 pm on 19 July 2011

The benchmark NZX50 index rose 6 points, or 0.2%, to close at 3392 on turnover of $65 million on Tuesday.

Fletcher Building rose 4 cents to $8, The Warehouse rose 4 cents to $3.53 and Contact Energy was unchanged at $5.39.

Telecom was up 4.5 cents to $2.535 after confirming Mark Ratcliffe will head its network arm Chorus, if shareholders approve its plan to split the business into two.

Falls included Sky City Entertainment Group by 2 cents to $3.54; Sky Network TV also by 2 cents, to $5.78; and Fisher & Paykel Healthcare down 1 cent to $2.59.

Auckland International Airport fell 0.5 cents to $2.27 while Pumpkin Patch was down 1 cent to $1.03.

NZX dropped 10 cents to $2.12 after saying adamantly on Monday it had fully disclosed all information about its Australian-based grain exchange.

Vector was down 11 cents to $2.42 after the Commerce Commission proposed cutting its prices to bring it in line with other lines companies.

In currency markets, the NZ dollar was at 84.57 US, 79.59 Australian, 52.67 pence, 66.91 yen and 0.5999 euro. The TWI stood at 73.32.