15 Sep 2014

NZX 50, dollar down as week begins

8:15 pm on 15 September 2014

New Zealand shares and the dollar were mostly weaker today, with the benchmark NZX 50 Index falling 13 points to 5211 by the close of trading.

Forsyth Barr investment adviser Ryan Cutts said company news dominated market movements, as investors remained cautious ahead of the general election on Saturday.

"Infrastructure company Infratil announced it has sold its Australian energy firms. The sale price was higher than expected and as a result, today the shares have increased 6.5 percent.

"Recently listed Vista group received a price inquiry from the NZX. Today, the share price increased 3.5 percent which takes the total increase since listing to 28 percent.

"Xero on Friday announced its head of North America is standing down after only six months in the firm. As a result, Xero dropped eight percent on Friday and another 2.5 percent today."

By the close of trade, Infratil's share price rose 16.5 cents to $2.65, Vista rose 10c to $3, while Xero fell $1.06 to $20.04.

NZ dollar lower

The New Zealand dollar was weaker against most of the world's benchmark currencies today with the exception of the Australian dollar, which fell on weaker than expected Chinese economic data.

Bank of New Zealand foreign exchange strategist Raiko Shareef said the Kiwi is under pressure and is more likely than not to head lower.

At 5.20pm today, the New Zealand dollar was up about a third of a cent against the Australian dollar at 90.33, but otherwise weaker at 81.24 US cents, 50.03 British pence, 0.6271 euro, 87.17 yen and 4.99 renminbi.

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