You are using an older browser version. Please use a supported version for the best MSN experience.

NZ shares dip as news awaited

NZ Newswire logoNZ Newswire 17/01/2017 Sophie Boot

New Zealand shares dipped, led lower by Air New Zealand and Vector, with Arvida Group and Tegel Group Holdings rising.

The S&P/NZX50 Index fell 11.98 points, or 0.2 per cent, to 7,062.96. Within the index, 23 stocks fell, 20 rose and seven were unchanged. Turnover was $72.3 million.

Matt Goodson, managing director at Salt Funds Management, said the local market was in a holding pattern ahead of next month's results season, with little news from listed companies.

Air New Zealand led the local index lower, down 1.6 per cent to $2.205, while Vector fell 1.5 per cent to $3.19 and Australia & New Zealand Banking Group declined 1.5 per cent to $31.85.

"There's a sense from offshore markets post 'Trump Bump' - people are having a think about how wise that is as comments from the president-elect continue unabated," Mr Goodson said.

He said traders are also waiting for British prime minister Theresa May's speech overnight local time, with reports she will signal a so-called "hard Brexit" from the European Union and to leave the EU's single market.

Arvida Group was the best performer, up 3.1 per cent to $1.35. Tegel Group Holdings rose 2.2 per cent to $1.38, Kathmandu Holdings gained 1.6 per cent to $1.90, and Infratil advanced 1.1 per cent to $2.895.

ANZ Bank New Zealand dropped 1.5 per cent to $31.85. New Zealand's biggest lender today appointed Stewart Taylor as chief financial officer, Craig Mulholland as managing director of wealth and David Bricklebank as general counsel and company secretary.

Outside the benchmark index, New Zealand Oil & Gas gained 0.8 per cent to 64 cents. It has taken control of Cue Energy Resources almost two years after launching a hostile takeover of the ASX-listed company.

image beaconimage beaconimage beacon