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Market close: Trade Me, Fonterra rise ahead of index changes

The steam came out of the NZX 50 Index today, although investors continued to favour Fonterra tradable units and Trade Me because of index changes taking place next Monday.

The NZX 50 Index fell 1.72 points, or 0.4 percent, to 4169.23, on volume of 32.65 million shares, valued at $101.8 million. Within the index, 20 shares rose, and 19 fell, leaving 11 unchanged.

"The highlights this week are the index changes," says James Snell at First NZ Capital. "People have been pre-empting those moves. Both stocks have got gradually better over the week."

Fonterra Shareholders Fund tradeable units will enter the NZX 50, replacing lowest ranked Cavalier Corp, while Trade Me's rating will increase from 1.83 percent at present.

In the past week, FSF units have risen from $7.31 to $7.49 and were up 0.8 percent today to a record $7.49. They sold at $5.50 in last November's initial public offering and listed at $6.67.

Trade Me shares have risen 5.4 percent in the last week and closed today at $4.16, up 1.5 percent.

Biggest gainer on the day was Oceana Gold, up 5.2 percent to $3.48, while dual-listed APN News & Media, publisher of the New Zealand Herald and rarely traded on the NZX, had the second strongest gain, up 2.86 percent to 36 cents.

Falling most were telecommunications component-maker Rakon, down 2.7 percent to 36 cents also, and outdoor equipment and clothing company Kathmandu, down 1.85 percent, to $2.12.


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