Shares finish week in much the same place they began

Electricity providers succumb to some profit- taking

New Zealand shares dipped, with Contact Energy and Trustpower falling, while CBL Corp and Restaurant Brands rose.

The S& P/ NZX 50 index fell 10.05 points, or 0.1 per cent, to 7553.64. Within the index, 22 stocks fell, 19 rose and 9 were unchanged. Turnover was $ 125 million.

“It’s been quiet and uneventful on the markets all week long,” said Grant Williamson, investment adviser at Hamilton Hindin Greene. “The index is pretty much unchanged from the start of the week to the end. There have been no real leads from offshore. Australia is flat. We haven’t had any reason to push the market up or down.” The index closed last Friday at 7552.75.

Electricity providers “have had a very good week with the exception of today when they gave back those weekly gains,” Williamson said.

“Obviously the hydro lakes and rain could be playing a part. There was talk they were getting pretty low and the producers probably benefiting, but a bit of rain could turn that around. There was a bit of profit taking in those stocks today.”

Contact Energy led the index lower, down 1.9 per cent to $ 5.19. It had gained 3.5 per cent from $ 5.11 in the week up to yesterday. Trustpower dropped 1.5 per cent to $ 5.40, and Genesis Energy was unchanged at $ 2.48.

Vector gained 0.3 per cent to $ 3.27. The company beat rivals to supply Australia’s Territory Generation with battery storage technology in a multimillion- dollar deal for the New Zealand firm. Although Vector has smart meters in Australia, the Territory Generation contract is its first battery storage foray across the Tasman.

CBL Corp was the best performer, gaining 2.4 per cent to $ 3.39, and Infratil advanced 1.7 per cent to $ 2.98, with Kathmandu Holdings rising 1.5 per cent to $ 2.

Restaurant Brands rose 0.3 per cent to $ 5.98. The fast- food retailer is forecasting sales above $ 700 million in the 2018 financial year as it reaps gains from its expansion into Australia and Hawaii. Chief executive Russel Creedy said the company is now “a truly international one”, leading to its management reorganisation into three geographic reporting divisions.