NZX joins Asian equity market dip

07-Jan-2014 Intellasia | News | 6:00 AM Print This Post

NEW Zealand has joined Asian equity markets in retreating after figures showed slower Chinese services sector activity.

The NZX 50 Index fell 3.720 points, or 0.1 per cent, to 4765.318 on Monday.

Within the index, 22 stocks fell, 15 gained and 13 were unchanged. Turnover was $38 million, about a third of average daily trading last year, making it hard to read too much into price movements.

Equity markets were weaker across much of Asia as figures showed the HSBC/Markit services sector Purchasing managers’ Index fell to 50.9 in December, the slowest pace in six months, stoking concern the pace of growth in the world’s No.2 economy may slow.

Kathmandu, the outdoor clothing chain that counts Australia as its largest market, fell 2.7 per cent to $3.31.

SkyCity Entertainment, which has operations in Adelaide and Darwin, fell 1.3 per cent to $3.75.

The kiwi dollar has advanced 4.8 per cent against the Australian dollar this year and touched a five-year high late last month.

Auckland International Airport fell 1.9 per cent to $3.55.

OceanaGold, operator of the Macraes gold field, fell 4.7 per cent to $1.81.

Mighty River Power fell 1.4 per cent to $2.10, leading a decline among some energy related stocks. Z Energy dropped 1.4 per cent to $3.65 and Contact Energy fell 1.4 per cent to $5.10.


Category: FinanceAsia

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