THE New Zealand sharemarket has retreated as a brokerage put a sell rating on Fonterra Shareholders' Fund ahead of what's expected to be a hike to its forecast milk payment.
The NZX 50 Index fell 11.8 points, or 0.3 per cent, to 4706.506 on Tuesday. Within the index, 25 stocks fell, 17 gained and eight were unchanged. Turnover was $133 million.
Fonterra dropped 2.1 per cent to $6.10.
Last month the dairy giant flagged a $157 million charge against inventory at its NZ Milk unit because of a squeeze between rising input costs, represented by the farmgate milk price, and prices for value-added products such as casein and cheese.
Craigs Investment Partners analyst Arie Dekker cut the units to sell, lowered his 12-month price target and reduced his forecast for 2014 earnings.
"The market in general doesn't really understand the relationship between the milk price and Fonterra's profit," said Greg Easton, an adviser at Craigs.
"Farmers just want a high milk price."
Air New Zealand ended the day down 0.6 per cent at $1.62 after the Auckland-based carrier said normalised earnings before tax are expected to increase about 20 per cent in the six months ending December 31.
Companies with exposure across the Tasman fell after the kiwi rose to fresh five-year highs against its Australian counterpart, reducing the value of revenue derived in Australia.
Fletcher Building, the biggest listed company on the exchange, fell 0.3 per cent to $8.82, outdoor equipment retailer Kathmandu dropped 2.9 per cent to $3.30, clothing chain Hallenstein Glasson dropped 1.7 per cent to $3.95 and jewellery chain Michael Hill International declined 1.4 per cent to $1.44.
Tower was unchanged at $1.66. After the close of trading the general insurer said it will return some $70 million in capital to shareholders in a one-for-five buyback at $1.81 apiece.
Anda sedang membaca artikel tentang
Fonterra units drop 2% on price hike tip
Dengan url
http://suarabisikan.blogspot.com/2013/12/fonterra-units-drop-2-on-price-hike-tip.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Fonterra units drop 2% on price hike tip
namun jangan lupa untuk meletakkan link
Fonterra units drop 2% on price hike tip
sebagai sumbernya
0 komentar:
Posting Komentar