16 Oct 2014

NZ shares fall but NZ dollar up

6:47 pm on 16 October 2014

New Zealand shares fell today, with the benchmark Top 50 Index falling 31 points, or 0.6 percent, to 5132 points.

Hamilton Hinden Green director Grant Williamson said a continuing sell-off of global equities was the reason for the decline.

He said the local market continued to slide on the back of further off-shore weakness with investors concerned about slowing world economic growth.

Mr Williamson said investors were mainly focused on what was happening overseas and were expected to remain cautious until there was a reduction in the volatility of international markets.

Xero shares fell 79 cents to $16.96 and Ryman Healthcare shares dropped 8 cents to $7.32.

Precinct Property shares are unchanged at $1.09

Meridian's instalment receipts rose 1 cent to $1.55, Mighty River shares increased 2 cents to $2.65 and Precinct Properties shares gained 5 cents to $2.63.

NZ dollar up

The New Zealand dollar increased more than one US cent today from a day ago, and rose against all the currencies of the country's major trading partners.

However, ANZ senior foreign exchange strategist Sam Tuck said it was all about what was happening in the United States, rather than a modest increase in dairy prices.

He said there were weak US retail sales last night combined with low producer price index inflation and a weaker than expected New York manufacturing survey.

At about 5pm on Thursday the kiwi was trading at 79.73 US cents, 90.71 Australian cents, 49.87 British pence, 0.6219 euro, 84.59 yen and 4.88 renminbi.