Shares in Auckland Airport closed down 3.6 per cent today after the company warned a market consensus of its retail revenue for 2010 was too high.
Rather than the consensus of about $104 million, a more likely retail revenue forecast was in the range of $90m to $93m, the company said. The airport's shares traded as low as 157 and closed down 6c at 161. Volume was high with $17m worth of shares traded.
"It flowed on to other stocks, particularly blue chip stocks," said Grant Williamson, director at Hamilton, Hindin, Greene.
The benchmark NZSX-50 closed down 24.772 points, or 0.884 per cent, at 2776.311. Turnover was worth $86.2m. There were 37 rises and 46 falls among the 122 stocks traded.
The other major business news event of the day was a Commerce Commission report that found the four largest electricity generator-retailers Contact, Genesis, Meridian and Mighty River Power overcharged by $4 billion.
Energy Minister Gerry Brownlee said power companies should not put up prices this winter.
Contact fell 10c to 585. The investigation weighed on the stock, said Mr Williamson.
Nuplex rose 3c to 46 in an ongoing recovery. Volume was high with $10m of shares traded.
Mr Williamson said the leading stocks were under pressure today. Telecom fell 4c to 258. Fletcher Building eased 6c to 655 and SkyTV eased 1c to 420.
Lion Nathan fell 13c to 1489.
NZX rose 1c to 825, The Warehouse was down 5c to 363, and Sky City rose 2c to 290.
NZOG rose 1c to 149, Mainfreight rose 25c to 500 and Fisher & Paykel Healthcare rose 2c to 318. TrustPower rose 5c to 780.
APN fell 12c to 148, Tenon rose 15c to 105, Wakefield rose 10c to 920 and Xero eased 8c to 137.
US stocks fell on Wednesday after the Federal Reserve cut its 2009 forecast for gross domestic product and raised its outlook for unemployment, tempering the recent optimism that the economy might be turning the corner.
Financial shares had led the market higher in morning trading after a successful share offering from Bank of America, but they reversed as investors booked profits.
The Dow Jones industrial average fell 52.57 points, or 0.62 per cent, at 8422.28. The Standard & Poor's 500 Index lost 4.64 points, or 0.51 per cent, at 903.49. The Nasdaq Composite Index was off 6.70 points, or 0.39 per cent, at 1727.84.
- NZPA
<i>NZ stocks:</i> Airport shares lead market down
AdvertisementAdvertise with NZME.