New Zealand Stock Markets
New Zealand shares fell on the first day of the month in a muted
trading session after institutional investors staked out positions
yesterday. Contact Energy and Summerset Group Holdings declined.
The S&P/NZX50 Index dropped 58.14 points, or 0.7 percent, to 8,383.87. Within the index, 34 stocks fell, eight rose, and eight were unchanged. Turnover was $96 million.
The benchmark index gave up some of yesterday's gains when it jumped 1.7 percent on turnover of more than $200 million. That month-end positioning by large investors coincided with Xero's final day of trading on NZX to become solely listed on the Australian Securities Exchange.
The worst performer was Contact Energy, down 2.3 percent to $5.46, with Summerset falling 2.1 percent to $5.63.
The stocks that gained the most yesterday faced the biggest losses today, with SkyCity Entertainment Group down 1.9 percent to $4.07, paring some of Wednesday's 4.3 percent gain. Air New Zealand dropped 1 percent to $3.05 having gained 3.7 percent yesterday, and Sky Network Television dropped 1 percent to $2.88 after it advanced 3.6 percent previously.
The best performer today was Fonterra Shareholders' Fund, which rose 1.5 percent to $2.69, while Mainfreight gained 1 percent to $26.01.
Outside the benchmark index, Pacific Edge shares rose 12 percent to 43 cents after the cancer diagnostics firm signed its first commercial deal to supply its suite of Cxbladder tests in Singapore.
The Dunedin-based company said it reached a commercial agreement with a unit of Raffles Medical Group to use the bladder cancer tests in Singapore. Under the deal, the Raffles unit will coordinate specimen collection, shipping and reporting of Cxbladder tests for the medical firm's patients in the Asian city.
The S&P/NZX50 Index dropped 58.14 points, or 0.7 percent, to 8,383.87. Within the index, 34 stocks fell, eight rose, and eight were unchanged. Turnover was $96 million.
The benchmark index gave up some of yesterday's gains when it jumped 1.7 percent on turnover of more than $200 million. That month-end positioning by large investors coincided with Xero's final day of trading on NZX to become solely listed on the Australian Securities Exchange.
The worst performer was Contact Energy, down 2.3 percent to $5.46, with Summerset falling 2.1 percent to $5.63.
The stocks that gained the most yesterday faced the biggest losses today, with SkyCity Entertainment Group down 1.9 percent to $4.07, paring some of Wednesday's 4.3 percent gain. Air New Zealand dropped 1 percent to $3.05 having gained 3.7 percent yesterday, and Sky Network Television dropped 1 percent to $2.88 after it advanced 3.6 percent previously.
The best performer today was Fonterra Shareholders' Fund, which rose 1.5 percent to $2.69, while Mainfreight gained 1 percent to $26.01.
Outside the benchmark index, Pacific Edge shares rose 12 percent to 43 cents after the cancer diagnostics firm signed its first commercial deal to supply its suite of Cxbladder tests in Singapore.
The Dunedin-based company said it reached a commercial agreement with a unit of Raffles Medical Group to use the bladder cancer tests in Singapore. Under the deal, the Raffles unit will coordinate specimen collection, shipping and reporting of Cxbladder tests for the medical firm's patients in the Asian city.
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