9 Sep 2014

NZ dollar falls against US

5:57 pm on 9 September 2014

The US dollar has risen more than half a cent against the New Zealand dollar today.

ASB Bank head of external foreign exchange Tim Kelleher said the strengthening greenback is reflecting improvements in the United States economy.

He said the US dollar is stronger across the board which could be the start of a new trend.

Mr Kelleher said the kiwi dollar was weaker, but the euro, Japanese yen and Australian dollar were also weaker.

At about 5pm, the kiwi was trading at 82.57 US cents, 89.21 Australian cents, 51.36 British pence, 0.6413 euro, 87.73 yen and 5.1 renminbi.

Sharemarket down

New Zealand shares dropped today with the benchmark Top 50 Index losing 18 points to 5244.

Murray & Co director Johnny Cockrane said Veritas was the star performer as investors reacted positively to its successful takeover of Nosh.

He said Pacific Edge also had a strong day with a follow on rally after the announcement of the issuance of a melanoma cancer patent two days ago.

But Mr Cockrane said there was some weakness from Meridian as a result of profit-taking after a very strong move in recent days.

Veritas, which owns the Mad Butcher and also has a 50 percent stake in Kiwi Pacific Foods, paid $1.77 million for the specialty food business Nosh.

Veritas shares rose 12 cents to $1.22, and shares in Pacific Edge gained 4 cents to 92 cents.

Meridian Energy instalment receipts lost 2.5 cents to $1.32. Meridian shares have been rising after polls show the next government is likely to be led by the National Party.

Also today, shares in Dorchester Pacific rose half a cent to 25 cents after the company upgraded its profit guidance.