NZealand shares close lower ahead of FOMC meeting |
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Mon, 10 Dec 2007 09:43
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WELLINGTON (Thomson Financial) - New Zealand shares closed lower Monday as cautious investors took to the sidelines ahead of an interest rate decision in the US.The benchmark NZX-50 index was down 35.44 points or 0.9 percent at 4,057.49 on turnover worth 105.11 million New Zealand dollars.ABN Amro equities adviser Nigel Scott said the market was enduring a generally downward trend, with people favouring bonds and currencies for yield or sitting on the sidelines.'After a long period of growth, the market's just absorbing a lot of the information out there in the wide world,' he said.'The finance company activity in New Zealand obviously continues to weigh on investors. A lot of them will now just sit on the sidelines.'Contact Energy failed to fire despite news that lake levels are headed for a dry summer, a signal that spot power prices will increase. Contact fell 12 cents to 8.35 dollars.Among other leading stocks, Telecom was down 6 cents at 4.38 and Fletcher Building was 30 cents off at 11.39.The Warehouse eased 8 cents to 6.56, and currency-sensitive fishing company Sanford was 13 cents off at 3.97.Among the few positive stocks were Fisher & Paykel Heathcare, which gained 6 cents to 3.35, while Air New Zealand rose 3 cents to 1.85.afpnt/jgCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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