Gains pared as stars take a breather

THE New Zealand sharemarket slipped yesterday after hitting nine month highs earlier in the week, with profit taking in stocks that had large volumes traded recently.

The NZX 50 was down 0.8 per cent or 28.71 points to 3505.02.

One Path New Zealand senior investment analyst Craig Brown said that while there were reasonably positive leads from US and overseas markets, local stocks that were performing strongly in the past two weeks were ‘‘just having a breather’’.

Rakon, the maker of crystal timing devices used in technology, led decliners with a 5.45 per cent drop to 52c.

Goodman Fielder was down 2.3 per cent to 90c. New Zealand Oil & Gas was down 3.85 per cent to 75c.

Kathmandu Holdings fell 2.1 per cent to $1.88. AMP slipped 1.85 per cent to $5.30.

Skycity was down 1.7 per cent to $3.98. Retailer The Warehouse was down 1.4 per cent to $2.73. Fletcher Building stocks fell 1.3 per cent to $6.89.

New Zealand Refining fell 1.2 per cent to $3.26. Contact Energy lost 1 per cent to $4.92. Kiwi Income Property Trust, which announced it would be spending $9m strengthening its Christchurch mall Northlands, was down 0.9 per cent to $1.05.

Port of Tauranga fell 0.9 per cent to $10.75. Trade Me slipped 0.9 per cent to $3.39. Steel & Tube Holdings sank 0.9 per cent to $2.30.

Clothing retailer Hallenstein Glassons led the gaining stocks, rising 1.3 per cent to $4.01.

Auckland International Airport was up 1.2 per cent to $2.46.

Investment holding company Guinness Peat Group rose 0.95 per cent to 53c. Skellerup lifted 0.7 per cent to $1.46.

Restaurant Brands lifted 0.5 per cent to $3.90. Vital Healthcare Property Trust rose 0.4 per cent to $1.19. Westpac was up 0.4 per cent and pay TV operator Sky Network Television rose 0.2 per cent to $5.30. Fortescue Metals A17c to A$5.81.

Banks were mixed, with Westpac, National Australia Bank and ANZ all up 1 per cent, while Commonwealth Bank inched A2c lower to A$48.96.

Silver Lake Resources led the declining stocks with a 4.3 per cent drop to A$3.35. Gold exploration company Beadell Resources was down 3.55 per cent to A68c.

Kagara sank 2.9 per cent A17c.

Telecom New Zealand shares were down 2.2 per cent to A$1.91.

The leading gainer was White Energy Group, up 4.2 per cent to A37c. Saracen Mineral Holdings was up 3.6 per cent to 58c. Transfield Services rose 3.3 per cent to A$2.48.

Pharmaceutical

backtracked

to

development fund Acrux rose 3.2 per cent to A$3.89. Grain industry services provider Graincorp was up 3.1 per cent to A$8.88.

The spot price of gold in Sydney was US$1659.80.