24 Jul 2012

NZX 50 index lifts fractionally

6:30 am on 24 July 2012

The NZX 50 index finished Monday just a fraction above Friday's close, rising 1.66 points (0.05%) at 3465.362.

Index shares valued at $74 million changed hands, among the day's total turnover of $103 million.

Only 17 stocks in the NZX 50 rose while 19 fell and 14 were unchanged.

Stocks which fell on Monday included included Fletcher Building, down 2 cents (0.34%) to $5.81 on turnover in the stock valued at $11 million.

On similar-sized trading, cornerstone stock Telecom clawed back the 2.5 cents it lost on Friday and a little more, to lift 3 cents (1.2%) to $2.54, while its offshoot, Chorus, rose 1 cent (0.32%) to $3.12.

Contact Energy rose 1 cent (0.21%) to $4.86.

Shares in Goodman Fielder fell 4 cent (6.15%) to 61 cents after the company said its earnings would be at the lower end of its guidance range.

The Australasian food company says it expects full year earnings of around $300 million as it continues to battle tough trading conditions, including including price cuts for supermarket private label bread, and growing labour and logistics costs.

It will write down the value of its Australasian baking and New Zealand home ingredients businesses by as much as $260 million, while restructuring and redundancies will cost up to $100 million.

Other significant movements were recorded by SkyCity Entertainment Group, down another 2 cents (0.56%) to $3.53, Sky Network TV down a further 2 cents (0.4%) to $4.92, while the Trade Me Group fell 6 cents (1.63%) to $3.61.

Auckland Airport rose 3 cents ($1.24%) to $2.45.

Diligent Board Member Services rose 7 cents ($1.79%) to $3.97 - it's price has doubled so far this year - but the accounting software company Xero 2 cents (0.4%) to $5.50).

Courier and data management company Freightways lifted 7 cents (1.84%) to $3.88.

At 5.10pm the NZ dollar was trading at 79.41 cents US - down about 0.7% - 76.98 Australian cents, 50.97 pence, 63.07 yen, and 0.6555 euro. The TWI was at 72.07 points.