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Shares dip in subdued market minus Aussies

NZ Newswire logoNZ Newswire 12/06/2017

New Zealand shares dipped in a quiet market on Monday without Australian investors, as Investore Property fell while Sky Network Television and Metro Performance Glass rose.

The S&P/NZX 50 Index fell 3.36 points, or 0.045 per cent, to 7432.74. Within the index, 22 stocks fell, 18 rose and 10 were unchanged. Turnover was $67 million.

"It's a bit of a dull old day, with the Australian market closed for their Queen's Birthday public holiday, the institutional investors are not involved so we haven't seen much activity here," said Grant Williamson, director at Hamilton Hindin Greene.

The surprise result of the UK general election last Friday, which saw the Theresa May-led Conservative party lose its majority and a hung parliament, hasn't unsettled markets too much at this stage, Mr Williamson said, though things could change as the week progresses.

Ms May is now attempting to negotiate a coalition with the Northern Irish Democratic Unionist Party, ahead of Brexit negotiations with the EU due to begin this month.

"There can be a bit of a delayed reaction to these kinds of results, it's not going to be an easy job negotiating Brexit, so we will see how the market takes it over the next few days," Mr Williamson said. "Today just highlights how important the Australian market is to us."

Sky Network Television was the best performer, up 2.9 per cent to $3.50.

"There's been some bargain hunting today, it had a rough week last week down 6.3 per cent but it has regained half of that today," Mr Williamson said.

Metro Performance Glass rose 1.5 per cent to $1.34 and A2 Milk Co advanced 1.5 per cent to $3.44.

Investore was the worst performer, down 1.5 per cent to $1.34, while Fletcher Building dropped 1.4 per cent to $7.55 and Air New Zealand declined 1.2 per cent to $2.965.

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