Golden run for Kiwi shares over
By Suze Metherell
New Zealand shares ended a 12-day run of gains as Fisher & Paykel Healthcare and Ebos Group fell from record closes.
Skellerup Holdings advanced after projecting full-year earnings to rise as much as 19 percent.
The benchmark index edged down 2.04 points, or 0.03 percent, to 5998.98, dipping below the 6000 level it closed above for the first time yesterday. Within the index, 17 stocks fell, 17 rose and 16 were unchanged. Turnover was $174 million.
The local benchmark slipped from yesterday's record close after being pushed higher by investor demand for equities with high dividend yields as interest rates locally and around the world look likely to stay lower for longer.
Last week the European Central Bank signalled it will expand its quantitative easing programme, meaning cheaper money which fuels equity markets, while the Bank of Japan is expected to boost asset purchases when it meets this week.
Fisher & Paykel Healthcare dropped 0.9 percent from a record to $7.84. Ebos Group declined 0.4 percent from a record to $13.85.
Blue chip stocks, typically held by foreign investors for their reliable dividends, were mixed. MRP rose 0.9 percent to $2.805. Spark New Zealand fell 0.2 percent to $3.97. Genesis Energy advanced 0.8 percent to $1.895. Infratil gained 0.3 percent to $3.13. Goodman Property Trust was unchanged at $1.19. Precinct Properties New Zealand advanced 0.4 percent to $1.21. Tower gained 1.9 percent to $2.10.
Skellerup surged 7.6 percent to a year high of $1.56.
Outside the benchmark index, Tenon advanced 7.7 percent to $2.80, adding to yesterday's 6.1 percent gain.
PGG Wrightson fell 2.3 percent to 42.5 cents after it said it expects annual earnings to fall as much as 12 percent from the previous year.