Woes around the building sector weigh on market
The S&P/NZX 50 Index declined 21.2 points, or 0.2 percent, to 10,857.75. Within the index, 22 stocks fell, 23 rose, and five were unchanged. Turnover was $143.7 million.
Fletcher Building led the market lower, down 2.6 percent at $4.96 on a volume of almost 2 million shares, almost twice its 90-day average of 973,000. The ANZ Business Outlook survey today showed another deterioration in business confidence, with the construction sector the most downbeat about the current environment.
Meanwhile, across the Tasman, cement maker Adelaide Brighton ditched plans for an interim dividend and downgraded earnings due to deteriorating conditions in residential and civil construction. The ASX-listed stock sank 19 percent to A$3.505 in afternoon trading, dragging down other building materials stocks such as Boral.
"When you come back to the business confidence survey, there's some nervousness around the state of the New Zealand economy," said Greg Smith, head of research at Fat Prophets.
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