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New Zealand stocks slip as market awaits earnings season

New Zealand stocks slip as market awaits earnings season

New Zealand stocks dipped in relatively quiet trading Tuesday, with the market awaiting upcoming corporate earnings for direction.
The benchmark NZX-50 index slipped 2.97 points or 0.1 percent to 4191.66.
There is anticipation that earnings reports from companies with a March 31 balance date will provide a steer for investors, said Matt Willis, adviser at ABN Amro.
"There's nothing out there to give the general market direction one way or another, we've been range trading around these levels for most of April. But there's a chance the reporting season might give the market some direction," he said.
Bellwether Telecom closed up 1.5 percent to NZ$4.90 on a day when the government accepted a proposal from the company and rival Vodafone on mobile rates, but appeared to pour cold water on Telecom's alternative proposal to regulatory plans to split its business.
Contact Energy was down 1.4 percent to NZ$8.98 off recent highs, as it reported lower wholesale electricity prices for the March quarter of the year.
Building materials maker Fletcher Building dropped 1.3 percent to NZ$11.25.
Motor home rental and tourist attraction operator Tourism Holdings slipped 0.7 percent to NZ$2.72 following a more than 20 percent rally Monday on news of a takeover offer from MFS Living and Leisure.
Gainers included investment company Hellaby Holdings, up 2.5 percent to NZ$4.10, after it confirmed it had received an offer for its footwear retail business and was considering options for the division.


Updated : 2021-01-16 17:48 GMT+08:00