3 Jun 2014

NZ sharemarket down

5:46 pm on 3 June 2014

New Zealand shares were weaker, the benchmark Top 50 Index falling 14 points to 5164.

stock exchange

Photo: PHOTO NZ

Forsyth Barr investment advisor Dave Schaper said some of the weakness, such as that for Mighty River Power, has to do with changes in key global indices against which fund managers measure their performance.

He said there was a good result from Mainfreight and the management seemed confident across most of the markets they operate in.

Mr Schaper said there was a good run across most of the listed property companies but it's coming into dividend season.

Mighty River Power shares fell 2 cents to $2.27 after gaining 4.5 cents on Friday.

Mainfreight gained 46 cents to $14.21 while Kiwi Income Property Trust eased 2 cents to $1.18 and Goodman Property Trust shed 1 cent to $1.06.

Dollar little changed pending financial announcements

The New Zealand dollar is little changed against the currencies of all the country's major trading partners.

ASB Bank head of external foreign exchange sales Tim Kelleher said the market was waiting for major local and international leads.

He said that included the Fonterra Dairy Trade auction on Tuesday, the European Central Bank rate announcement on Thursday night and on Friday night in the United States nonfarm payroll figures will be released.

At about 5pm, the Kiwi was trading at 84.57 US cents, 91.29 Australian cents, 50.5 British pence, 62.15 euro, 86.54 yen and 5.28 renminbi.