Weak market awaits financial reports

THE New Zealand sharemarket closed the week on a weak note with many companies to issue financial reports shortly.

The NZX50 index was down 0.6 per cent, 22.08 points, to 3463.70 yesterday. Within the index, 37 stocks fell, 41 were up and 10 unchanged.

Forsyth Barr broker David Price said the New Zealand stockmarket had a soft end to the week.

‘‘We are just about to come into the reporting season in the next couple of weeks which is what everyone’s been waiting for, to give investors some impetus,’’ Price said. ‘‘Telecom has continued to remain volatile, we’ve seen quite large swings in that stock on a daily basis.’’

Telecom closed the day’s trading down 1 per cent to $2.51.

OceanaGold led the declining stocks, most likely influenced by the shifting gold price on commodities markets. It was down 4.9 per cent to $2.31.

National carrier Air New Zealand was down 2.2 per cent to 89c and Auckland International Airport fell 2.2 per cent to $2.42.

Fisher & Paykel Healthcare was down 1.5 per cent to $1.95. TrustPower fell 1.1 per cent to $7.42 and jewellery retailer Michael Hill International was down 1 per cent to 99c.

Retailer The Warehouse group was up 1.5 per cent to $2.65. New Zealand Refining rose 1.35 per cent to $2.25. Insurer Tower was up 1.2 per cent to $1.69. Investment holdings company Guinness Peat Group rose 1 per cent Freightways rose 0.8 per $3.81. to 50c. cent to overall market during the week.

Among the major banks, Westpac fell 10 cents to A$22.85, ANZ reversed 16 cents to A$23.07, National Australia Bank shed nine cents at A$23.99, and Commonwealth Bank retreated 78 cents to A$55.12.

In the resources sector, global miner BHP Billiton advanced 26 cents at A$31.36, and Rio Tinto rose three cents to A$53.39.

Broadcaster Ten Network was one cent higher at 51.5 cents, after it agreed to sell its outdoor advertising business Eye Corp to Outdoor Media Operations for up to A$145 million.

Sydney Airport rose seven cents to A$3.08 after it recorded its best June on record for international and domestic passenger numbers.

The price of gold late yesterday was US$1582.90