18 Aug 2014

NZ shares fall, dollar below 85 US cents

6:21 pm on 18 August 2014

New Zealand shares fell today. The benchmark Top 50 Index fell 7 points to 5071.

Forsyth Barr investment advisor Mark Ammundsen said the market was weaker, most notably in the retirement industry and electricity sectors, while the technology stocks were stronger, led by Xero.

In the technology sector, SLI Systems' share price was steady at $1.30.

Wynyard Group rose 3 cents to $2.10.

Xero rose $1.13 to $21.30.

In the age-care sector, the price of shares in Ryman Healthcare fell 9 cents to $7.66

Summerset Group's share price fell 7 cents to $2.81.

In the electricity sector, Contact Energy's share price was steady at $5.47.

Meridian instalment receipts fell 1 cent to $1.27.

NZ dollar mixed

The New Zealand dollar was mixed again today, as the market awaits the upcoming dairy trade auction later this week.

The currency traded just below the 85-US-cent mark in late afternoon, but Rankin Treasury Advisory director Derek Rankin said the market was still looking for the kiwi to fall.

He said there has been a lack of information for the markets to react to.

Mr Rankin said high yields were available but negatives included the dairy prices falling in recent times, the Reserve Bank being on hold and the up coming general election.

He said it was the likely the New Zealand dollar would drift until there was some more news out internationally.

At about 5pm on Monday, the Kiwi was trading at 84.99 US cents, at 91.18 Australian cents, 50.80 British pence, 0.6344 euro, 86.92 yen and 5.22 renminbi.