30 Jun 2012

Lacklustre NZX 50 finishes where it started week

6:10 am on 30 June 2012

The NZX 50 sharemarket index fell again on Friday by 1 point, to finish the week at 3399 on turnover of $121 million.

That left it at exactly the same level at which it finished last week, after slipping 10 points on Friday 22 June, and still down 48 points on the Friday before that, when it ended trading on 15 June at 3447 points.

Fletcher Building fell 6 cents to $5.87, cornerstone stock Telecom slipped 1 cent to $2.39, and Contact Energy dropped 3 cents to $4.82

Sky Network TV fell 2 cents to $4.83 and The Warehouse dropped 2 cents to $2.49.

Stocks which finished the day's trading unchanged included Cavalier ($1.52) - after saying on Thursday that it'll cope with weak building sectors on both sides of the Tasman by closing its yarn spinning plant in south Auckland to cut operating costs - and Fisher & Paykel Healthcare ($1.96).

Telecom offshoot Chorus rose 2 cents to $3.14, while Sky City Entertainment rose 2 cents to $3.40.

NZ Oil & Gas rose 1 cent to 81.5 cents after saying on Thursday that there may be a lift in the estimates of reserves at Taranaki's offshore Kupe oil and gas field, in which it holds a stake.

Accounting software business Xero rose 2 cents to $5.00, and energy company Vector rose 2 cents to $2.68.

At the end of the week, the NZ dollar was buying 79.50 US cents, 78.30 Australian cents, 50.95 pence, 62.05 yen, 0.6320 Euro, and the TWI was at 71.85 points.