by BusinessDesk
The S&P/NZX 50 edged down 0.68 of a point, or 0.01 percent, to 9,326.59. Within the index, 21 stocks fell, 18 gained and 11 were unchanged. Turnover was $137.9 million.
The New Zealand Institute of Economic Research's quarterly survey of business opinion showed the worst economic confidence since March 2009, with firms experiencing weaker demand and a growing number of companies anticipating shrinking earnings.
Courier company Freightways, often seen as a bellwether for the local economy, fell 1.4 percent to $7.69. Port of Tauranga, the country's biggest export port, declined 1.3 percent to $5.16.
"We've had some business confidence numbers that weren't very good," said David Price, a broker at Forsyth Barr. "The market is obviously taking stock that they are going to get a number of these factors coming through."
The government's petrol tax increase came into effect over the weekend, adding to the impact a weak kiwi dollar and rising oil prices are already having on costs at the petrol pump. A growing number of pay settlements, and difficulties finding staff, are also concerning firms.
Air New Zealand fell 1.5 percent to $2.99, its first closed below $3 since February. Pushpay Holdings led the market lower, falling 1.7 percent to $4.
Sky Network Television rose 1.4 percent to $2.14, the biggest gain for the day, while Spark New Zealand advanced 1.3 percent to $4.02. Heartland Bank increased 1.2 percent to $1.73 and Mainfreight was up 1 percent to $30.15.
NZX gained 0.9 percent to $1.09. Shareholder Elevation Capital is urging the company to rethink its strategy and pare back its management and board. It claims the stock market operator's underperformance and flat dividend payments have cost shareholders $235 million of total returns.
Among blue-chip stocks, Fletcher Building rose 0.9 percent to $6.58, A2 Milk Co slipped 0.2 percent to $11.38, Fisher & Paykel Healthcare declined 0.7 percent to $15.11 and Ryman Healthcare slipped 1 percent to $13.62.
Auckland International Airport was unchanged at $7.30. Queenstown Airport, which is part-owned by Auckland Airport, has scaled back growth plans to expand its noise boundaries due to community opposition.
| « NZ shares fall as Spark, Ryman give up recent gains in quiet trading | A2 director sells; Fletcher overture rebuffed; market falls » |
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