Marketplace
AUCKLAND: Transport and logistics operator Mainfreight was the lone ranger as the sharemarkets, both here and overseas, took a breather after rushing to record highs in recent trading days.
The S&P/NZX 50 Index drifted to 13,217.14, down 29.62 points or 0.22%, after reaching an intraday low of 13,185. Trading was light and spread over the small cap stocks, as 93.36 million shares worth $111.77 million changed hands.
There were 71 gainers and 63 decliners over the whole market of 184 stocks.
Greg Smith, head of research with Fat Prophets, said with little news, it was a typical holiday trading day.
‘‘Many investors have checked out for the year and are thinking more about their summer break.’’
The local market followed the tone on Wall Street when the three leading indices fell overnight from their record highs amid further confusion with the United States economic stimulus package.
Senate Majority Leader Mitch McConnell blocked a move to increase the stimulus cheques from $US600 ($NZ836) to $US2000.
A stronger NZ dollar also weighed on the market, rising to US71.85c against the greenback. The Australian S&P/ASX 200 Index was down 0.72% to 6651.90 at 5.45pm.
There were few major price movements on the local market, except for Mainfreight. The market darling continued to capture new ground, rising $2.89 or 4.31% to $69.89 on 1074 trades worth $3.2 million.
Contact Energy made a late surge, rising 16c or 1.77% to a high of $9.20, after falling to an intraday low of $8.82. Port of
Tauranga also had a strong turnaround, climbing 12c or 1.63% to $7.47 after falling to a day's low of $7.19. Utilities investor Infratil reached a new high, gaining 5c to $7.40.
Fisher and Paykel Healthcare had another low day, falling 66c or 1.97% to $32.84; Ryman Healthcare was down 30c or 1.94% to $15.20; and fast food operator
Restaurant Brands lost 40c or 3.33% to $11.60.
After several days of recovery, a2 Milk fell 17c to $12.05 after hitting an intraday high of $12.50. Summerset Group Holdings also slowed after making recent strong gains, shedding 21c to $12.45. Chorus was down 11c to $7.94, and wine exporter Delegat Group decreased 20c to $15.20.
Smaller caps made gains. Plexure Group climbed 6c or 5.04% to $1.25; NZME was up 3c or 4.48% to 70c; water cooler supplier Just Life also increased 3c or 4.05% to 77c; Sky Network Television rose 0.04c or 2.48% to 16.5c; and Pacific Edge continued its strong rise, gaining 4c or 3.39% to $1.22.
New Zealand Oil and Gas regained 1.5c or 2.88% to 53.5c after falling nearly 30% the day before, when it announced the Ironbark1 gas well off the Western Australian coast was dry.
In the United States, the Dow Jones Industrial Average and S&P 500 Index both slipped 0.22%, to 30,335.67 and 3727.04 respectively, and the technologydriven Nasdaq Composite fell 0.38% to 12,850.22 points.
Among the Dow Jones leaders, Apple fell 1.3% to $US134.87 ($NZ187.94), Microsoft was down 0.36% to $US224.15 and electric vehicle maker Tesla rose to $US665.99. —