20 Nov 2014

NZ market flat, dollar down

5:41 pm on 20 November 2014

New Zealand shares were little changed today, the benchmark Top 50 Index edging up 5 points to 5527.

Earlier today, the index hit yet another fresh record at 5538 points.

The head of equities at JB Were, Rickey Ward, said a fall in Xero's share price weighed the index down.

Xero shares fell 45 cents to $17.05, while shares in Fisher & Paykel Healthcare climbed 14 cents to $5.76.

Other stocks benefitting from the lower exchange rate included fish exporter Sanford. Its shares gained 10 cents to $5.30.

The New Zealand dollar was slightly weaker against the US dollar today.

ASB Bank economist Chris Tennent-Brown said the market was absorbing the expected decision from the Federal Reserve in the United States to end its money-printing programme.

At 5.20pm today, the New Zealand dollar was trading at 78.35, 91.18, 50 British pence, 0.6246 euro, 92.74 yen and 4.8 renminbi.