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NZ shares end week down, led by Spark

NZ Newswire logoNZ Newswire 9/12/2016 Sophie Boot

Spark was the worst performer, down 2.8 per cent to $3.435. © Phil Walter/Getty Images Spark was the worst performer, down 2.8 per cent to $3.435. New Zealand shares fell, led lower by Spark and Scales Corp, while Orion Health Group rose from its record low.

The S&P/NZX 50 Index dipped 22.71 points, or 0.3 per cent, to 6,893.3. Within the index, 24 stocks fell, 22 rose and five were unchanged. Turnover was $155.8 million.

"The local market has underperformed somewhat today, bucking the trend of offshore markets," said Grant Williamson, director at Hamilton Hindin Greene.

"It looks a bit tired for the end of the week - a bit of profit taking in place, possibly the political scene does create a little more uncertainty for next year as we head into another general election but there's a lot of water to go under the bridge yet."

The best performer on the index was Orion Health, which gained 13.3 per cent to $1.96, after hitting a record low of $1.65 on Wednesday.

"It's a major reversal, it had a key reversal day yesterday which means when it makes a new all-time low and then closes above the previous day's close, it's a sure sign it is going to make a pretty big short-term bounce, and that's exactly what we've seen today," Williamson said.

Spark was the worst performer, down 2.8 per cent to $3.435, while Scales Corp dropped 2.7 per cent to $3.29 and Vista Group International fell 2.4 per cent to $5.80.

Tower gained 3.7 per cent to 84 cents and Kathmandu Holdings advanced 1.6 per cent to $1.93.

Fletcher Building rose 1.7 per cent to $10.73, and has gained 4.6 per cent this week and 43.5 per cent this year.

"It keeps coming in for good demand, I think it's one stock investors will be paying pretty good attention to next year with a lot of rebuilding in Wellington CBD and the Auckland residential scene as well," Williamson said.

"From an investor point of view, it's sitting in a pretty sweet spot at the moment."

Sky TV was unchanged at $4.80.

"There's a new bill in front of Parliament at the moment regarding major sporting events being given free-to-air access which would probably have a pretty serious effect on Sky TV, if that was to go through," Williamson said.

Outside the benchmark index, Abano Healthcare Group fell 1.2 per cent to $8, Burger Fuel Worldwide was unchanged at $1.49 and Cooks Global Foods was unchanged at 9 cents.

Mercer Group gained 13.3 per cent to 1.7 cents.

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