New Zealand stocks were mixed, with as many companies rising as falling after
business confidence slumped and the New Zealand dollar tumbled.
The NZX 50 Index rose 6.37, or 0.2%, to 2774.64, its third daily gain. Within
the index, 19 stocks rose, 19 fell and 12 were unchanged.
Nuplex Industries,
which makes resins used in paints and printing inks, rose 3.3% to NZ$3.10 as prices
for crude oil and petrochemicals fell.
Crude oil fell for a sixth day amid speculation U.S. Energy Department figures
tomorrow will show rising inventories as demand for oil falters. Crude for February
delivery fell to US$37.21 a barrel in Singapore, bringing its six-day slide to
24%.
New Zealand Oil & Gas, which owns 12.5% to the Tui oilfield
and a stake in the Kupe field coming on stream this year, fell 1.6% to NZ$1.22.
Michael Hill International fell 1.8% to 55 cents as the price
of gold rose. Gold for February delivery gained 0.6% to US$826 an ounce on the
New York Mercantile Exchange.
Shares tied to the performance of the domestic economy fell after a report showed
business confidence tumbled in the fourth quarter with companies the gloomiest
about their own prospects since at least 1970.
A net 64% of companies expect the New Zealand economy will deteriorate over the
next six months, according to the New Zealand Institute of Economic Research’s
Quarterly Survey of Business Opinion. Gloominess worsened from the third quarter
when a net 19% saw worse times ahead.
Trucking firm
Mainfreight Ltd. fell 3.1% to NZ$4.65 and
Freightways
Ltd. declined 2% to NZ$2.93.
Port of Tauranga slipped 0.8% to
NZ$6.50.
Australia’s
APN News & Media, whose biggest asset is
the New Zealand Herald newspaper, fell 5.3% to NZ$2.68.
Further signs of a prolonged economic slump have stoked expectations that the
central bank will slash the official cash rate to as little as 4.25% when its
reviews monetary policy on Jan. 29.
Fisher & Paykel Healthcare, which gets some 80% of revenue
in U.S. dollars, gained 1.9% to NZ$3.20 after the kiwi dollar tumbled. The local
currency tumbled to a four-week low after the QSBO and after Standard & Poor’s
lowered the outlook on the nation’s AA+ long-term, foreign currency credit
rating to negative.
The kiwi dollar traded at 65.18 U.S. cents from 58.83 cents yesterday.
In Sydney, the S&P/ASX 200 Index fell 0.8% to 3654.6 as falling prices for
oil and metals drove down commodity producers and oil companies.
BHP Billiton
fell 1.7% to A$30.30 and
Rio Tinto declined 2.5% to A$40.28.
Orica, which supplies mining services, fell 4.8% to A$14. Woodside Petroleum fell
2.8% to A$34.72.
In Japan, the Nikkei 225 Index tumbled 4.2% to 8463.16 in early afternoon trading
as the yen strengthened, denting prospects for exporters, and amid concern earnings
will weaken at Japanese companies.
Sony Corp. fell 7.7% and Toshiba Corp. dropped about 6%. Toyota Motor declined
5.4%.
(Businesswire.co.nz)
NZX Top 50
Last updated: 13/01/2009 5:09pm
AIA |
1.69 |
-0.02 |
![](/images/icdn.gif) |
AIR |
0.94 |
+0.01 |
![](/images/icup.gif) |
AMP |
6.50 |
+0.10 |
![](/images/icup.gif) |
ANZ |
17.40 |
-0.60 |
![](/images/icdn.gif) |
APN |
2.68 |
-0.15 |
![](/images/icdn.gif) |
APT |
0.99 |
0.00 |
![](/images/icnc.gif) |
CAV |
1.91 |
+0.02 |
![](/images/icup.gif) |
CEN |
7.27 |
-0.06 |
![](/images/icdn.gif) |
EBO |
4.20 |
0.00 |
![](/images/icnc.gif) |
FBU |
5.99 |
+0.04 |
![](/images/icup.gif) |
FPA |
1.39 |
+0.01 |
![](/images/icup.gif) |
FPH |
3.20 |
+0.06 |
![](/images/icup.gif) |
FRE |
2.93 |
-0.06 |
![](/images/icdn.gif) |
GFF |
1.75 |
+0.03 |
![](/images/icup.gif) |
GMT |
0.97 |
0.00 |
![](/images/icnc.gif) |
GPG |
0.94 |
-0.02 |
![](/images/icdn.gif) |
HLG |
2.15 |
+0.05 |
![](/images/icup.gif) |
IFT |
1.65 |
0.00 |
![](/images/icnc.gif) |
IMP |
1.10 |
-0.02 |
![](/images/icdn.gif) |
ING |
0.65 |
-0.01 |
![](/images/icdn.gif) |
KIP |
1.05 |
+0.01 |
![](/images/icup.gif) |
LNN |
9.15 |
-0.05 |
![](/images/icdn.gif) |
MFT |
4.65 |
-0.15 |
![](/images/icdn.gif) |
MHI |
0.55 |
-0.01 |
![](/images/icdn.gif) |
MVN |
1.24 |
-0.03 |
![](/images/icdn.gif) |
NPX |
3.10 |
+0.10 |
![](/images/icup.gif) |
NZO |
1.22 |
-0.02 |
![](/images/icdn.gif) |
NZR |
5.80 |
0.00 |
![](/images/icnc.gif) |
NZS |
0.59 |
-0.01 |
![](/images/icdn.gif) |
NZX |
5.41 |
0.00 |
![](/images/icnc.gif) |
PFI |
1.11 |
0.00 |
![](/images/icnc.gif) |
PGW |
1.45 |
0.00 |
![](/images/icnc.gif) |
POT |
6.50 |
-0.05 |
![](/images/icdn.gif) |
PPL |
0.97 |
-0.03 |
![](/images/icdn.gif) |
PRC |
1.03 |
+0.03 |
![](/images/icup.gif) |
RAK |
1.21 |
-0.04 |
![](/images/icdn.gif) |
RYM |
1.42 |
+0.01 |
![](/images/icup.gif) |
SAN |
5.33 |
-0.07 |
![](/images/icdn.gif) |
SKC |
3.08 |
+0.06 |
![](/images/icup.gif) |
SKL |
0.75 |
0.00 |
![](/images/icnc.gif) |
SKT |
3.91 |
+0.01 |
![](/images/icup.gif) |
STU |
2.90 |
0.00 |
![](/images/icnc.gif) |
TEL |
2.52 |
+0.05 |
![](/images/icup.gif) |
THL |
0.70 |
0.00 |
![](/images/icnc.gif) |
TLS |
4.40 |
+0.12 |
![](/images/icup.gif) |
TPW |
7.20 |
-0.10 |
![](/images/icdn.gif) |
TWR |
1.57 |
+0.03 |
![](/images/icup.gif) |
VCT |
2.14 |
0.00 |
![](/images/icnc.gif) |
WBC |
19.80 |
+0.30 |
![](/images/icup.gif) |
WHS |
3.62 |
+0.07 |
![](/images/icup.gif) |
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