20 Sep 2013

Down day for stock market

8:03 pm on 20 September 2013

The stock market had a down day after hitting record highs earlier in the week, with the NZX Top 50 index falling 23 points to 4730.

Hamilton Hinden Greene director Grant Williamson said the New Zealand market had been taking a lead from weaker offshore markets, with markets in Asia a bit weaker and Australia down a similar amount to New Zealand.

"So we're really just seeing a ... day of profit-taking following a pretty good week of the market making new highs," Mr Williamson said.

Fletcher Building shares fell 25c to $9.58, while Contact Energy shares gained 2c to $5.34 and Mighty River Power shares rose 5c to $2.25.

"It's (Fletcher Building) had a stellar performance ever since it announced its result last month, so it's been moving quite a bit higher but today, just a few investors feeling they need to take a few profits off the table," he said.

Dollar flat

The New Zealand dollar was quite flat against the country's major trading partners after strong gains earlier this week.

Just after 5pm, it was buying: 83.79 US cents, 61.91 euro, 88.73 cents, 52.23 pence and 83.17 yen.